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Torchlight raises $1.70bn

The New York-based asset manager closed its sixth real estate debt fund.

Torchlight Investors held a final closing of its sixth fund, Torchlight Debt Opportunity Fund VI, at $1.70 billion. The fund exceeded its $1.50 billion target and surpassed capital raised by its predecessor, Torchlight Debt Opportunity Fund V, which closed in June 2016 at $1.36 billion.

Fund VI received commitments from several limited partners that include Employees Retirement System of Texas, State of Wisconsin Investment Board and Los Angeles Water & Power Employees Retirement Plan.

Founded in 1995, Torchlight provides investment management services to clients seeking access to commercial real estate debt markets. The New York asset manager will use capital raised by its sixth vehicle to invest in such markets throughout North America.