Acore Capital has raised $1.4 billion (€1.31 billion) for its latest US real estate debt fund.
The company said Acore Credit Partners II will be oversubscribed and will focus on generating and managing “transition debt investments.”
Investors include U.S. pension funds, sovereign wealth funds, endowments and foundations, insurance companies and family offices.
IPE Real Assets reported this week that the Virginia State Retirement System has approved a $250 million contribution to the fund.
“We are incredibly grateful for the strong support we've received from some of the world's largest international and domestic institutions that have invested in our company to date,” said Acore CEO Warren de Haan.
“We believe the success of this financing is a testament to our track record, relationships and the exciting opportunity to deploy capital in transitional real estate over the next few years, especially in an extremely challenging financing environment.”
Michael Romo, senior managing director and head of global capital raising and investor relations at Acore, said: “Acore was founded as a credible alternative to traditional real estate debt. Increasing costs and a significant reduction in the availability of debt capital from traditional lenders have created a very attractive investment opportunity for Acore.”
Acore announced that it has provided approximately $40 billion in loans since its founding in May 2015 and will have approximately $20 billion in assets under management as of December 31, 2023.
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