Tricon Capital raises an additional $135 million for distressed fund
Toronto-based Tricon Capital Group announced an additional closing of $135 million for its most recent U.S. distressed residential real estate fund, Tricon XI, increasing the fund size to approximately $260 million. Tricon XI launched 2012 with a $500 million fundraising goal. Tricon Capital aims to hold a final close for the fund on Dec. 3, 2013.
Tricon XI was created to capitalize on “once in a generation” investment opportunities in distressed U.S. residential real estate that have arisen out of the 2007–2010 credit crisis and related economic recession. Tricon XI provides financing to experienced and reputable real estate developers for the acquisition, repositioning and development of distressed residential properties across the United States, with a primary focus on Atlanta, Dallas, Houston, Northern and Southern California, South Florida, and Phoenix.
To date, Tricon Capital h