Related Cos. exceeds fundraising goal
Related Cos. has announced the final closing of its opportunity fund, Related Real Estate Fund II, with equity commitments of more than $1 billion, exceeding its $850 million fundraising target.
The fund’s primary objective is the acquisition of underperforming real estate. The fund’s geographic focus is U.S. gateway cities and major urban centers including Boston, Chicago, Los Angeles, Miami, New York City and San Francisco.
Related launched its fund management platform in 2009. The Related Real Estate Recovery Fund, the inaugural vehicle of Related Fund Management, closed in 2012 and is now fully invested. High-profile core assets created by the fund include Chicago’s 111 W. Wacker Drive; Boston’s 100 Arlington and Lovejoy Wharf; and New York City’s 511–541 West 25th St., 225 Rector Place and One Madison Park.
Related Real Estate Fund II is the ninth-largest fund to close this year. According