Prime Finance debt fund closes in excess of $600 million target

Prime Finance Partners has closed its Prime Finance Partners III fund with approximately $618 million in equity, according to a filing with the Securities and Exchange Commission. The final capital raised exceeds the fund’s $600 million goal, making it one of the highest fund closings during first quarter 2013.

The core-plus/value-added fund invests in U.S. debt that will write senior floating-rate loans with terms of up to five years and between $10 million and $75 million in size.

Prime Finance is a private commercial real estate finance company with discretionary capital which directly originates mortgage, mezzanine and preferred equity financing and also acquires performing, subperforming and distressed debt.