SEPTEMBER 18, 2013

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The Townsend Group raises $252.3 million for first opportunistic fund

by Reg Clodfelter

The Townsend Group has raised $252.3 million for its Townsend Real Estate Alpha Fund I, according to a filing with the Securities and Exchange Commission. The fund launched in August 2012 with a $600 million target goal. The fund was expected to close by mid-2013, but the fund sponsor is continuing to raise capital. A new final closing date has not been disclosed.

The global opportunistic fund will invest in noncore real estate through co-investments, secondary positions, recapitalizations, club deals and primary funds. Its investment focus will be CBD office, community shopping centers, hotels, industrial, multifamily, neighborhood shopping centers and senior housing in North America, South America, Europe and Asia. The fund plans to invest approximately 40 percent of its capital within North America.

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