Argosy hits $200m hard cap

Argosy Capital, a US private equity and real estate firm, has met its hard cap of $200 million for its latest US opportunity fund

Argosy Capital, a US private equity and real estate firm, has met its hard cap of $200 million for its latest US opportunity fund.

Wayne, Philadelphia-based Argosy has been on the fundraising trail since April 2013 with Argosy Real Estate Partners III, which had an initial target of $150 million. However, in divulging details of its capital raising progress today, the company revealed it had surpassed the target by 25 percent to reach its hard cap.

Argosy said the closed ended, commingled fund targeted an array of property types, those being multifamily, commercial, lodging, and for-sale residential lot investments across the US. It makes small and mid-market investments of between $5 million and $15 million. 

So far Fund III has 12 investments with $92 million of capital committed and three more transactions in the pipeline that could require another $20 million.

Argosy was established in 1989 as a private equity firm and branched out into real estate in 1990. It is managed by partners David Butler, Andrew Stewart and John Kirwin and has offices in Denver and San Francisco as well as its Maine, Philadelphia headquarters.