Austin-based Virtus Real Estate Capital has completed a final closing of Virtus Real Estate Capital III (VREC III), the third installment in the firm’s flagship value-add/opportunistic fund series, with $578 million of capital commitments.
Backed by a diverse institutional investor base, VREC III exceeded its fundraising target of $500 million. The fund’s limited partners represent a diverse set of public and private pension funds, endowments, insurance companies, family offices and ultra-high-net-worth individuals.
“We are grateful for the continued support from our existing partners as well as new partners who have shown confidence not only in our strategy but in our talented team to navigate in these unprecedented times,” said Terrell Gates, founder and CEO of Virtus. “Our investment team has a robust pipeline, and we are excited to take advantage of the opportunistic scenarios presented by the COVID-19 pandemic.”
Virtus will continue its focus on