Rockpoint captures $2.8bn for Fund V- exclusive

The Boston-based private equity real estate firm is not expected to complete fundraising until next year.

Rockpoint Group is in the final stretch of its capital raise for Rockpoint Real Estate Fund V, its latest opportunistic real estate fund. In a filing with the US Securities and Exchange Commission yesterday, the firm reported that it had raised $1.6 billion of capital for the vehicle, which is understood to have a $2.5 billion equity goal.

However, PERE has learned that the $1.6 billion represented only the US capital in the fund, and that the total amount raised to date is $2.8 billion, including $2.2 billion for the fund and $600 million in co-investment capital. The firm is not expected to hold a final close for the vehicle until next year. Rockpoint declined to comment.

Limited partners in Fund V included the Florida State Board of Administration, Teachers' Retirement System of the State of Illinois, Employees Retirement System of Texas and South Dakota Investment Council, according to PERE Research & Analytics . All of those institutions committed $100 million or more to the vehicle.

PERE reported a year ago that Rockpoint was due to hold a first close on Fund V, just three months after its official launch. At the time, the firm had been expected to raise approximately $1.4 billion of its $2.5 billion equity target, and was said to have soft-circled a total of more than $2 billion in commitments.

Fund V has a similar strategy to that of its predecessor. According to documents from New Mexico ERB, which had pledged $35 million to the vehicle in November 2014, the latest vehicle will focus on value creation opportunities and resolving complex situations through the acquisition of office, hotel and multifamily properties in the largest US coastal markets. The minutes from the NMERB investment committee at the time disclosed that approximately $2.4 billion of the total capital raised is expected to come from existing investors.

Rockpoint is also said to be in the market with its second core-plus fund, Rockpoint Core-Plus Fund II, which was launched in June.