BridgeInvest, an investment manager specialising in real estate debt in the US, has raised $612m (鈧�525m) for its latest discretionary fund.
The firm hopes to eventually raise more than $1bn for the open-ended BridgeInvest Specialty Credit Fund V, which held a second close in July.
The fund targets senior-secured, middle-market first-lien loans across the US and is open to a diversified set of real estate asset types, including multifamily, industrial, retail, hotel and office assets, and business plans, including developments. Deals between $20m and $150m will be considered.
BridgeInvest has already made 21 investments for the fund in markets including Miami, New York, San Francisco and San Antonio.
Alex Horn, founder and managing partner of BridgeInvest, said: 鈥淭he significant volume of commercial real estate debt coming due is creating a substantial financing need across the market. BridgeInvest is well positioned to serve that demand, providing capital to experienced borrowers as they acquire and reposition their assets.
鈥淭his capital raise is a meaningful achievement for our firm. We remain focused on the principles that have defined BridgeInvest over the last 15 years 鈥� prioritise attractive risk-adjusted returns, maintain structural protections, and generate durable yield enhancement and consistent capital appreciation for our investors.鈥�
