The Los Angeles-based firm launched Belay Partnership Ventures II in November 2014 and has lined up $200 million in equity, according to an announcement last week. Belay is targeting $500 million for the fund with a net internal rate of return goal of between 12 percent and 13 percent. The firm’s first vehicle, American Value Partners Fund I, closed in 2007 with $400 million.
The firm has not yet deployed capital from the latest vehicle. Belay plans to fund programmatic joint ventures across the US and in multiple property types. Unlike its first vehicle, Belay will not invest in other firms’ funds with its second offering.
“This structure allows for greater control of investor capital and risk mitigation as well as improves transparency into the operating platforms of the Fund’s partners — characteristics not typically available in one-off joint ventures or commingled funds,” said Suzanne West, managing principal for the firm, in the statement.
Investors in the firm’s debut vehicle included California Public Employees’ Retirement System, California State Teachers’ Retirement System and New York City Employees’ Retirement System, all of which allocated $100 million, and New Mexico State Investment Council and North Carolina State Treasury, which each committed $50 million, according to PERE Research & Analytics.
Belay is not using a placement agent for the fund.
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