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Fundraising - JANUARY 10, 2014

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Rialto raises $1.3b for second debt fund

by Andrea Waitrovich

Rialto Capital Management has announced a $1.3 billion final close for its Rialto Real Estate Fund II, exceeding its $950 million target. The opportunistic fund launched in June 2012 and the final close was on Dec. 19, 2013. It is one of the largest closed-end funds to hold a final close in 2013.

The vehicle targets U.S. distressed loans and real estate, as well as subordinate bonds in CMBS transactions, and is currently structuring a mezzanine fund. Rialto Real Estate Fund II is structured the same as its predecessor, Rialto Real Estate Fund I, which raised $700 million in November 2011.

In addition, Rialto Capital has been fundraising for its Rialto Mezzanine Partners Fund, which has raised $81.7 million, according to a filing with the SEC. The fund has a $300 million fundraising goal.

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