Edge Principal Advisors held a final closing of its second opportunistic fund, according to a statement issued by the New York-based real estate investment management firm.
Edge Principal Investments II has raised approximately $300 million to invest in all property types throughout the US. With leverage, the fund has more than $1 billion of buying power. Fund II received commitments from a diverse range of investors including institutions, family offices and foundations.
Jeff Walker, a principal at Edge, said that “practically all of the investors in our prior fund as well as several new investors have decided to participate in Fund II”.
Although representatives from Edge declined to disclose what returns the fund was targeting, one source told PERE that Fund II was targeting opportunistic returns. The firm did not use a placement agent.
Fund II was initially launched in the second quarter of 2012. It has been actively deployed since March 2012 and is currently 30 percent committed. Edge anticipates the fund to be fully invested within the next 24 to 36 months.
Matthew Ross, managing director at Edge, told PERE that Edge's first fund closed on $140 million. Fund I, which was deployed during 2010 and 2011, invested in apartments, retail centers, office buildings, hotels, ground-up developments and distressed debt. These investments were made both directly and through strategic joint venture relationships. All told, with co-investments, the firm invested approximately $175 million of equity on behalf of Fund I.
Edge was formed in 2008 by Walker and Evan Mallah in partnership with a family office whose principals manage more than $5 billion of institutional equity. Edge invests throughout the capital structure and has investment programs in multifamily, hospitality, special situations, office and retail.