Rialto raises $1.5b for debt fund

Rialto Capital Management, a Miami-based real estate investment and asset management company, has raised $1.52 billion for Rialto Real Estate Fund III, according to a filing with the SEC. The firm did not comment on its fundraising efforts.

Rialto announced a first closing for the fund in November 2015, raising $510 million in equity commitments, and had raised $825 million for the fund as of October 2016.

Rialto Real Estate Fund III plans to invest primarily in real estate debt and properties using an opportunistic strategy. The fund had raised more than $1.39 billion in equity commitments through February, including a $50 million commitment from the $62 billion State of Michigan Retirement Systems in March 2016. R