Emerging fund manager Bridge Investment Group Partners has held another interim close on behalf of its second real estate investment vehicle.
Sources familiar with the matter have revealed that the Salt Lake City-based multifamily operator has raised $323 million on behalf of the family of funds that make up Real Estate Opportunity Capital Fund II. Through Fund II, which is seeking between $375 million and $500 million in total equity commitments, Bridge Investment Group is looking to make both value-added and opportunistic invests in multifamily assets throughout the western and southern US.
Bridge Investment Group has seen a diverse cross section of global investors contribute to the fund, including endowments, foundations, public and private pension plans, fund of funds, corporate investors, family offices and high-net-worth individuals. The minimum contribution to Fund II is $1 million.
Fund II originally held a first close in April 2012. Although Bridge Investment Group has until October to close the vehicle, a final close is anticipated well before then. Representatives from the firm declined to comment.
So far, Bridge Investment Group has deployed a substantial amount of the capital raised on behalf of Fund II. With leverage, the firm has acquired approximately 7,000 apartment units, or nearly $600 million in assets, through the vehicle. Since the firm has an operating platform, it is able to make all the enhancements and refurbishments to its investments in-house.
Although it launched its first fund in 2009, Bridge Investment Group has been a multifamily operator since 1991 and currently has approximately $1.4 billion in assets under management. Fund I closed on $125 million in equity in 2010 and is now fully invested.