PCCP launches Equity VII
PCCP has launched PCCP Equity VII, an opportunistic fund with a $500 million fundraising goal, according to sources familiar with the matter. The fund is aiming for a gross return of 18 percent to 20 percent (16 percent net return) by acquiring distressed properties across the Unites States that can be repositioned or leased up. The fund targets office, multifamily, retail and industrial assets, though up to 20 percent of the fund’s capital may be used for development. No final close date has been disclosed at this time. PCCP declined to comment. PCCP Equity VI closed in June 2013 after raising $246 million, according to IREI’s FundTracker database.