HQ Capital held a $108.2 million first close for its RECAP Opportunity Fund III. The fund was launched at a $250 million target in fall last year.
The firm plans to close Fund III, which does not have a hard-cap, at the end of 2019. In the fund’s first close, about 90 percent of commitments came from German institutional investors and family offices.
The fund’s predecessor raised $152 million, just above its $150 million target.
The firm will use the capital to make opportunistic investments in residential sector in United States.