Waterfall Asset Management closes real estate fund at $485m

Waterfall Asset Management, a global alternative investment adviser, has wrapped up fundraising for its closed-end real estate fund, Waterfall Atlas Fund.

The fund raised a total of $485 million in equity commitments, including through co-investment vehicles, and will invest primarily in commercial real estate equity.

Waterfall initially launched its commercial real estate equity strategy in 2017 and has invested $499 million across 33 assets. The firm also has deployed $172 million of the fund’s capital across 18 assets.

“We are deeply appreciative of the support for Atlas from a wide range of global investors, including pensions, institutions, family offices and high-net-worth individuals,” said Patti Unti, managing director and head of Waterfall Asset Management’s commercial real estate equity strategy. “We believe we are well-positioned to capitalize on ongoing dislocations in the market, which are primarily driven by the combination of rising rate