Tricon holds final close for opportunistic fund
Tricon Capital has held a $334 million final close for Tricon XI, making it the largest fund in the company’s history. The fund received two final commitments from institutional investors totaling $32 million. Gary Berman, Tricon’s CEO, has confirmed the closure.
The opportunistic fund, established in 2012, closed on schedule but did not reach its $500 million fundraising goal. The capital raised will be used to acquire, develop and reposition U.S. residential properties, specifically in Arizona, California, Florida, Georgia and Texas. The fund has committed approximately 50 percent of its capital already to seven separate investments.
Founded in 1988, Tricon Capital is an investment firm focused on North American residential properties. Capital raised with Tricon XI brings the firm’s total assets under management to approximately $1.7 billion.