Real Estate Capital Partners closes Metropolitan Opportunity Fund III
Real Estate Capital Partners (RECAP) has held a $120 million final close for its Metropolitan Opportunity Fund III. RECAP surpassed its $100 million fundraising goal with commitments directly to the fund totaling $80 million and approximately $40 million in sidecar investments. Specific investors were not disclosed; however, the majority of commitments came from high-net-worth individuals.
“The time needed for fundraising is longer than we have needed historically, but I would say since many of our investors are coming inbound into the U.S. real estate market, we’ve had more interest in what we’re doing in the last year than we did in the prior two years,” says Karin Shewer, president of RECAP.
RECAP invests in U.S. properties with a value-add and opportunistic strategy. Approximately 60 percent of the fund’s capital has been deployed, and RECAP anticipates the remaining capital