PCCP launches new real estate debt fund
PCCP, LLC has launched a new real estate debt fund, PCCP Credit IX, according to IREI’s FundTracker database. The firm did not comment on its fundraising efforts. The closed-end, value-added fund will invest in debt secured by U.S. industrial, multifamily, office and retail properties. A target final close date is set for Sept. 30, 2017. PCCP previously raised $358 million for the fund's predecessor, PCCP Credit VIII private equity fund. In addition, PCCP previously held a $910 million final close for its PCCP Credit VI fund in August 2015, exceeding its fundraising target of $750 million. PCCP is hoping to raise $1 billion in equity commitments for its Credit IX fund, with a $1.25 billion fundraising cap.