Rockwood Capital has closed its eighth value-added private equity real estate fund on $964 million.
Rockwood Capital Real Estate Partners Fund VIII follows on from Fund VII, which closed on $1.09 billion in March 2006.
The San Francisco-based firm said in a statement half the LPs in its latest vehicle were repeat investors, although Rockwood secured new commitments from non-US limited partners, including a Swiss pension plan.
Rockwood will target all property sectors in cities such as Boston, New York, Washington DC, Los Angeles, the San Francisco Bay area and South Florida through the fund.
Tyson Skillings, Fund VIII portfolio manager, said the current real estate markets offered some of the best investment opportunities for 20 years.
Co-founded in 1995 by Edmond Kavounas and Neil Smith, Rockwood Capital has raised more than $4 billion in equity commitments since inception.