A Washington DC-based real estate fund manager formed by principals from the Robert Bass family office has closed its second US real estate fund.
Iron Point Partners has closed on $750 million in equity commitments for its latest opportunistic commingled vehicle, Iron Point Real Estate Partners II. The fund, which held an interim close of $325 million in February, received commitments from endowments, foundations, pension plans and high-net-worth family offices. Atlantic-Pacific Capital served as the placement agent.
Documents from the Texas Tech University System describe the fund’s strategy as targeting “opportunistic investments in transactions” in the US “where it can gain control or exert material influence.” The documents added that Fund II “will focus mainly on distressed and specialised strategies and asset aggregation.”
Since its formation, Iron Point has raised more than $1.3 billion in total equity commitments to its private equity funds and has made investments across most commercial real estate property types, including specialty real estate asset classes such as data centres, senior living facilities and low-income multifamily properties. The firm also invests in numerous distressed and other special situation investment opportunities.
Before forming Iron Point Partners in 2007, the senior investment team worked together as managers of real estate investment vehicles for the Bass family office. Those vehicles included RMB Realty and Oak Hill Realty.