Bridge-IGP targets $500m for new debt fund

Bridge Investment Group Partners has the same target and hard cap for its latest fund as it did for the predecessor vehicle.

Bridge Investment Group Partners (Bridge-IGP) has launched ROC Debt Strategies Fund II, according to documents filed with the US Securities and Exchange Commission.

The fund is targeting $500 million in capital commitments and a hard cap of $750 million, as did its predecessor fund, ROC Debt Strategies Fund.

imagesBridge-IGP launched its debt group, ROC Debt Strategies Fund Manager, in July 2014, at the time hiring a group of former senior members of Morgan Stanley’s real estate loan desk, including James Chung as CIO.

The platform announced at the end of last year that it had secured $210 million in equity commitments. As of March of this year the first debt fund, launched in September of 2014, had raised $400 million between the main fund and parallel vehicles, sources confirmed.

Chung and other company executives did not respond to requests for additional comment.

Bridge-IGP’s debt investments include first mortgage and mezzanine loans supporting multifamily, office, medical and senior living assets, as well as Freddie Mac K Series multifamily CMBS subordinated tranches.

Through Q1 of this year the group has made 14 investments, of which six were invested in Freddie Mac K-Series instruments, aggregating to $341 million, sources said.

In addition to its debt funds, the firm manages a family of equity funds targeting the multifamily and commercial office sectors; two of them, launched in 2009 and 2012, are fully funded and deployed, while the third was incepted in Q1 of 2015.

A family of senior housing funds, Seniors Housing Fund Manager, was launched in Q3 of 2013 to invest in senior housing and medical property assets.