PCCP launches $1 billion debt fund

PCCP has launched a sixth fund, PCCP Credit VI, with a $1 billion fundraising goal; the fund is open to global investors. The firm has a final close scheduled for October 2014. The value-added fund will focus on U.S. debt across all property types.

Recently, the firm closed its PCCP First Mortgage Fund II with $212.2 million in June 2013. The vehicle focuses on loans associated with multi-tenant commercial assets in the United States. It offers loans of between $10 million and $50 million but does not make construction loans.

In addition, the firm is currently raising capital for its PCCP Equity VI, which has raised $209 million. The $500 million opportunistic credit-related fund targets distressed debt and assets, with the goal of acquiring the underlying properties and rep