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Jaguar Growth closes debut fund – Exclusive

The New York-based private equity real estate firm, led by former Equity International executives, attracted an equity haul in the upper range of its $250 million to $400 million target.

Jaguar Growth Partners, a New York-based investment management firm focused on global growth markets outside of the US, has held a final close on its first real estate fund.

Jaguar Real Estate Partners (JREP) I collected a total of $350 million. Jaguar is understood to have targeted between $250 million and $400 million for the fund.

In July 2014, PERE reported that the firm was preparing to launch its first fund, which then had a likely target of approximately $750 million.

In October 2014, Jaguar announced a strategic investment by New York Life Insurance Company, under which the insurer acquired an interest in the firm and joined its advisory board. In addition, New York Life was expected to commit up to $100 million to Jaguar’s debut fund. The University of Texas Investment Management Company also pledged $75 million to the fund, according to PERE data.

On behalf of JREP, Jaguar will focus on investing opportunistically in real estate-related operating platforms and companies in the most compelling markets in Latin America, including Brazil, Mexico, Argentina, and the Andean region. Over the past year, Jaguar has committed more than $200 million of discretionary and non-discretionary equity capital – or more than half of the money raised in the fund – in several portfolio companies, including Costa Rica-based LatAm Logistic Properties, Brazilian retail property company Aliansce, and most recently, Brazilian AEL home builder Tenda.

“We are privileged to have an outstanding group of institutional partners empowering Jaguar to capitalize on a broad range of growth and value investment opportunities throughout Latin America,” said Gary Garrabrant, Jaguar managing partner. “Our partner-centric approach and nearly 100 years of collective experience distinguish Jaguar in growth markets globally, particularly in Latin America with our presence on the ground,” said fellow managing partner Thomas McDonald. “Emerging markets are complex and demand thoughtful analysis and navigation, enhanced by active collaboration with our local operating partners.”

Park Hill Real Estate acted as placement agent for the fund.

JREP I is one of the few Latin America-focused real estate vehicles to have closed in the past year, amid a difficult fundraising environment for the region and emerging markets overall. In December, TC Latin America raised $268 million in its final close of its second fund, TC Latin America Real Estate Fund II. Also last year, HSI captured a total of $700 million for its latest Brazil-focused real estate fund, HSI Real Estate Fund V, while Peninsula Investments Group held a $180 million final close for its pan-Latin American real estate fund, Peninsula Investments Group Fund III.

Garrabrant and McDonald founded Jaguar in 2013. Garrabrant was previously chief executive and co-founder of Chicago-based private equity firm Equity International (EI), while McDonald was EI’s chief strategic officer. Both left EI in 2012.