Tishman Speyer has raised a total of $539.5 million for its Tishman Speyer Brazil Fund III and a related feeder fund, surpassing its $500 million target, according to filings with the Securities and Exchange Commission. Although the firm has raised the bulk of the capital for the fund, the vehicle will remain open to investors until year’s end, according to sources familiar with the matter. Tishman declined to comment.
In August 2011, the firm held a $230 million first close for both its third Brazil fund and the feeder fund, and had raised $350 million as of last September. The seven investors in the vehicles included the National Pension Service of Korea (NPS), which committed $200 million to Brazil Fund III last year.
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 the equivalent of US$600 million in equity, focused on the acquisition, development and redevelopment of office, for-sale residential and mixed-use properties in Brazil. The firm followed with the R$197 million close of Tishman Speyer Brazil Fund II, which focused on developing office, industrial and for-sale residential properties.
Tishman began investing in Brazil in the 1990s and currently owns 17 properties in Brasília, Rio de Janeiro and São Paulo, according to the firm’s website. Recent projects include the Green Towers Brasília, an 85,000-square-metre (915,000-square-foot) office building in the country’s capital city; the Ventura Corporate Towers, a 100,000-square-metre high-rise office complex in Rio de Janeiro; and the Fascination Penthouses, a 220-unit residential property in São Paulo.