San Francisco-based investment firm Swift Real Estate Partners has started fundraising for its second vehicle, Swift Real Estate Partners Fund II.
The firm set a $450 million target for the second fund, according to a filing with the US Securities and Exchange Commission. The firm was founded in 2010 by Christopher Peatross, the former office property portfolio manager at The Blackstone Group. Peatross’ shop focuses on Northern California investments targeting industrial and office properties.
Swift’s debut vehicle exceeded its $250 million target, garnering $325 million before its April 2014 final close. Investors in the value-added fund included the Teacher Retirement System of Texas, which allocated $15 million, and Credit Suisse, according to PERE News & Analytics.
Peatross, the former president and chief executive officer of CarrAmerica, Trizec Properties and Equity Office Properties, left Blackstone in June 2010 to form Swift. Swift’s chairman, Douglas Abbey, served as co-founder of both AMB Property, which merged with ProLogis in 2011, and IHP Capital Partners before joining Swift at the beginning of 2013.
In 2014, Abbey told PERE that reaching a first close for a first-time fund was challenging, but after passing that milestone and the firm started investing in properties, there was enough interest to raise the vehicle’s cap from $250 million to $325 million.
The firm’s last transactions were three June 2014 acquisitions of industrial and office buildings in Sunnyvale, Santa Clara and San Mateo, California, for a total of $98.9 million, according to Real Capital Analytics.