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Rialto holds $510m first close

by Andrea Waitrovich

Lennar Corp.’s Rialto Capital subsidiary has completed the first closing of its third opportunistic real estate investment fund, raising $510 million. An equity fundraising target was not disclosed.

Rialto Real Estate Fund III’s objective during its investment period is to invest primarily in real estate debt and properties using an opportunistic strategy.

Rialto Capital raised $700 million for its first opportunistic real estate fund, Rialto Real Estate Fund, which closed in November 2011. And Rialto Real Estate Fund II, which closed in December 2013, raised $1.305 billion.

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