Redcar closes second fund in series at $418m

Redcar Fund Management has closed its Redcar Fund II with $418 million in equity commitments.

The investor base in Fund II and its co-investment sidecar included endowments, asset managers, private pensions, public pensions, family offices, insurance companies, financial institutions, foundations, wealth managers and high-net-worth individuals in North America, the Middle East and Europe.

Based in Santa Monica, Calif., Redcar is a privately held real estate investment company that invests in urban commercial real estate and transforms properties through specialized redevelopment and deep repositioning. The firm invests in key high-growth submarkets throughout Los Angeles and Austin through funds, joint ventures and co-investments.

The firm acquired 15 assets through its debut Fund I, which closed in January 2020 at $412 million. The assets will total 1.4 million square feet upon redevelopment. All of the properties in Fund I are located in the high-growth Los An