Mesirow Financial has closed its international real estate fund of funds on $225 million. The fund will be exclusively advised by consultants Courtland Partners.
The real estate arm of the financial services firm, Mesirow Financial Institutional Real Estate (MFIRE) Multi Strategies Strategies, said in a statement the fund was over target by $25 million and would focus on value-added and opportunistic real estate fund managers.
To date, the fund, which held an initial close in June 2007, has invested 20 percent of its capital. Mesirow was unavailable for further comment by press time.
MFIRE senior managing director Joshua Daitch said in a 2009 outlook report on the firm’s website that the commercial real estate market was in for a “tough” 12 months. Daitch said he expected “significant mark-downs” of up to 15 percent in 2009 for underlying funds making up the NCREIF (National Council of Real Estate Investment Fiduciaries) index.
But he added: “We prefer to focus on the opportunity. Cash has never been more valuable and buyers will be able to acquire real estate at half-off sales — maybe more. For those that have the staying power to make it through this cycle, we see buying opportunities coming that have been unprecedented in a generation.”
Mesirow Financial is an employee-owned financial services firm with almost $30 billion in assets under management.