Tishman raises $350m for Brazil vehicles

The New York-based real estate developer and investment manager has raised $350 million for its third Brazil fund and a related feeder fund.

Tishman Speyer has closed on a total of $350 million for its Tishman Speyer Brazil Fund III and a related feeder fund, PERE has learned. In late August filings with the SEC, the firm reported a $230 million first close for both its third Brazil fund and the feeder fund.

The New York-based developer declined to comment on Brazil Fund III, citing regulatory restrictions, but multiple sources said the National Pension Service of Korea (NPS) is one of the investors in the fund. Indeed, PERE reported earlier that NPS had made a $200 million commitment to a Tishman Speyer fund focused on Brazil. The remainder of the commitments came from several investors, sources noted.

Tishman Speyer, which issued a private placement memorandum for Brazil Fund III earlier this year, has not set a target date for a final closing on the closed-end fund. And although the SEC filing lists the fund’s total offering amount as “indefinite,” one source said the firm is targeting an amount “significantly higher than $350 million” for the fund.

Brazil Fund III will be similar in nature to the investment manager’s previous two opportunistic, development-focused funds targeting Brazil. Tishman Speyer Brazil Fund, which closed in October 2007 and raised what was the equivalent of US$600 million in equity at the time, focused on the acquisition and development of office, for-sale residential and mixed-use properties in Brazil, while Tishman Speyer Brazil Fund II, which closed in 2008 with R$197 million in commitments, focused on developing office, industrial and for-sale residential properties.