Dallas-based Phoenix Capital Management has closed its 10th opportunistic real estate fund at more than two times the size of the previous fund.
Phoenix Real Estate Fund X held its final close with roughly $715 million of equity commitments. The investor base was a mixture of institutions and family offices.
Phoenix Real Estate Fund X had a significant re-up rate from existing clients, while also having limited capacity for a select group of new institutional investors.
The investment strategy for Phoenix Real Estate Fund X is a continuation of the same strategy of its predecessors in the fund series, which invest primarily in middle-market U.S. multifamily development projects through joint venture structures.
Phoenix declined to comment on its fundraising activity.
For more information about this fund or others, please visit the IREI.Q database.