LEM raises additional $15.5m for third debt fund
LEM Capital has raised an additional $15.45 million for its LEM Real Estate High-Yield Debt & Preferred Equity Fund III, according to a filing with the SEC.The previous equity raise announcement was in April 2013.
The fund launched in April 2012 with a $300 million fundraising goal, with a hard cap of $500 million. The recent filing did not disclose a first close or final close date.
Fund III will purchase and originate real estate structured finance investments, which primarily will consist of preferred equity, mezzanine loans and first mortgages. Fund III will also consider B-notes, joint venture equity and entity-level in