Fundraising - APRIL 10, 2013

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Townsend raises $169 million for high-return fund

by Andrea Waitrovich

The Townsend Group has raised approximately $169.1 million for its Townsend Real Estate Alpha Fund I, according to a filing with the Securities and Exchange Commission. The opportunistic and value-added fund launched in August 2012 with a $250 million fundraising goal. It is expected to hold a final close by mid-2013.

Townsend Real Estate Alpha Fund I is part of a global, opportunistic real estate fund series. The fund of funds will look to make 15 to 20 investments in noncore real estate through primary funds at preferred terms, recapitalization and secondary transactions, proprietary club deals, co-investments, and joint ventures. It will invest in apartment, hotels, industrial, office and retail in North America, South America, Europe and Asia. Approximately 40 percent of its raised

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