Slate Asset Management closes inaugural debt fund

Slate Asset Management has completed the final close of its Slate Real Estate Capital I (SREC I), the firm’s inaugural debt fund.

The vehicle was oversubscribed with third-party capital commitments from a global group of new and existing institutional investors, including a preferred equity investment from Goldman Sachs Asset Management’s Vintage and Vintage Real Estate Partners Funds.

“With the initial close of this transaction, our platform and team are now set up to capitalize on compelling and creative investment opportunities across the entire capital stack,” said Blair Welch, co-founding partner of Slate.

The closing was made to complete the $2.33 billion acquisition of a portfolio of performing real estate loans, debt securities and real estate equity positions from Annaly Capital Management, Inc.

The portion of the portfolio being acquired by Slate Grocery REIT is still pending and is expected to close in the third quarter of 2021.