EXCLUSIVE: Cornerstone launches $750m Fund X

The Connecticut-based fund manager has already collected more than $116 million for the fund for which it is targeting value-add opportunities in the US.

Cornerstone Real Estate Advisors, the Hartford, Connecticut-based real estate fund manager, is in the market with a $750 million value-add fund, according to a filing with the Securities & Exchange Commission (SEC).

The firm, which is led by chief executive Scott Brown, has already collected $116 million for Cornerstone Real Estate Fund X for which it will target value-add opportunities in the US.

A spokesperson for the firm declined to comment on fundraising.

Cornerstone has been busy increasing its assets under management over the past few years. Most recently Cornerstone took over the €1 billion firm, Pamera Asset Management in Germany in order to establish a business that managed both German and international capital flows into and out of Germany and Europe.

In November 2013, the firm announced the $106 million close of Cornerstone-NAHT Enhanced Preservation Fund III.

Cornerstone currently manages more than $43 billion in assets through open- and closed-end private funds, separate accounts, co-investment programs, joint ventures and mutual funds. Its principal investment strategies are private real estate equity, private real estate debt, alternative investments and real estate equity and debt securities.

The firm was founded in 1994 to manage the real estate equity investments of Massachusetts Mutual Life Insurance. It expanded into real estate debt investments in 2010, with the acquisition of Babson Capital Management’s real estate finance group.