Mandrake Capital Partners delivers its first discretionary commingled fund

Mandrake Capital Partners has completed the final close of its first discretionary commingled fund, Mandrake Capital Real Estate Fund.

The vehicle raised $268 million of commitments from a diverse group of institutions, family offices and high-net-worth individuals. Park Madison Partners, which announced the closing, served as the exclusive placement agent in the fundraise.

Mandrake Capital Real Estate Fund intends to pursue real estate investment opportunities with situational dynamics and capital market inefficiencies, which Mandrake believes provide opportunities to acquire assets at discounts to their fair or efficient value. The fund’s investment parameters will be largely unconstrained, following a bottom-up approach with the ability to opportunistically source investments across property types, geographies and execution strategies.

“We look for deals that don’t fit neatly within a standard ‘bucket,’ perhaps due to the property type, business pla