Santa Monica firm closes first real estate fund at $412m

Redcar, a Santa Monica, Calif.–based real estate investment firm, has raised $412 million for its first real estate fund, Redcar Fund I, exceeding its target of $350 million.

The fund’s investor base included pension funds, endowments, financial institutions, family offices, funds of funds and asset managers in North America, Europe and the Middle East.

“We are extremely pleased with the interest and support we have received from a diverse group of investors for our first fund,” said Chris Chee, managing partner at Redcar. “We have assembled a strong portfolio for Fund I and continue to have an active pipeline of attractive opportunities.”

Redcar invests in urban commercial real estate within key high growth submarkets throughout Los Angeles. The firm uses funds, joint ventures and co-investments. Its first real estate fund will target underperforming properties in select submarkets throughout Los Angeles and complete specialized redevelopments.