Thorofare Capital raises $200m of $250m goal for Fund III

The Los Angeles-based alternative investment firm expects to hit its target by year-end.

Los Angeles-based alternative investment firm Thorofare Capital has raised $200m for Thorofare Asset Based Lending Fund III in less than eight months.

The firm said it has another $50m “soft-circled” to reach the $250m goal by year-end. It will cap commitments at $300m.

Fund III had its first closing in November and has invested approximately $90m in transactions, making new senior debt investments between $2m and $25m in opportunistic, distressed and value added commercial real estate.

Kevin Miller, CEO of Thorofare Capital, said in a written statement that Fund III is “positioned to continue to close loans quickly in order to help borrowers finance opportunistic acquisitions, recapitalizations, discounted pay offs, note acquisitions, and other special situations such as open-bid auctions.”

The firm’s previous fund, Thorofare Asset Based Lending Fund II, originated approximately $230m in loans and has realized over 60% of invested capital since the end of its investment period in December.

“The support of our L.P.s, represented by a recommitment rate north of 90%, has been vital to the success of both the firm and our current fund,” Miller said.

Thorofare, which specializes in commercial real estate bridge loans, has closed 90 transactions nationwide totaling $350m of unlevered equity capital since it was founded in 2010.