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UPDATE: TriGate Capital holds final close for TriGate Property Partners II

by Sara Kassabian

Dallas-based firm TriGate Capital will hold the final close for its opportunistic fund, TriGate Property Partners II, sometime this week. The fund set its target final close date for June 30.

TriGate Capital declined to comment on fundraising activities.

The fund is expected to raise no less than $325 million, but could go up to $350 million if an additional investment is confirmed before the final close. TriGate Property Partners II launched in January 2012 with a $300 million target fundraising goal. It will make direct investments in the distressed debt and equity of existing assets in the United States.

So far, $70 million has been invested in office, retail and industrial/flex assets.

In February, the Texas Teachers’ Retirement System allocated $15 million to the fund. Other investors include the

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