Torchlight Investors is closing in on its fundraising target with $1.13b raised to date for its Torchlight Debt Fund VII, a spokesperson for the firm confirmed in an email.
The value-add fund is seeking to raise $1.5 billion in equity commitments and will target real estate debt investments throughout the United States.
This was not a final close. In July, the fund held its first close with $727 million. The investor base consisted predominantly of existing investors from previous funds in the series, but also included several new investors.
The previous fund in the series, Torchlight Debt Fund VI, raised $1.7 billion and closed in February 2019, surpassing its $1.5 billion fundraising target.
