Allstate commits to Rockwood’s seventh

The investment arm of the insurance giant, which has previously invested with Rockwood, will invest $60m in the Greenwich, Connecticut-based private equity real estate firm’s latest vehicle which hopes to close on $1 billion.

Allstate Investment Group has committed $60 million (€47 million) to the seventh vehicle from Rockwood Capital Partners, which has a $1 billion target. The investment arm of the insurance giant also invested in Rockwood’s sixth vehicle, which closed on $657 million in December 2005.

Allstate manages more than $17 billion in real estate assets. Earlier this year, Edgar Alvarado was promoted to head of real estate funds at Allstate Real Estate Investment Group. He joined Allstate in 1993.

Rockwood, led by executive managing director Edmond Kavounas, currently manages $1.5 billion of equity commitments on behalf of high-net-worth individuals and more than 40 public and private institutional investors. The firm has produced an IRR of more than 15 percent since it was founded in 1980, according to the firm’s website.