Whitman Peterson holds second close – Exclusive

Whitman Peterson has raised $325 million in a second close for its latest opportunistic fund, PERE has learned.

The Westlake Village, California-based private equity real estate firm declined to comment, but PERE understands the firm launched Whitman/Peterson Partners III in mid-2016. The firm held a first close in December on $250 million, according to a filing with the Securities and Exchange Commission. A target for the fund has not been disclosed.

Since its October 2010 founding, the firm has raised about $712 million across its three funds from institutional investors. Its second fund closed in 2015 on $235 million. Whitman Peterson declined to provide performance data on its previous funds.

Whitman Peterson invests primarily in multifamily, senior housing and hospitality, and will invest in other property types, according to its website.

On behalf of its third fund, the firm plans to invest in asset-level transactions, primarily through strategic and programmatic partnerships with operating companies. The firm invests across the US, and has made investments in the UK and Latin America.

Whitman Peterson’s most recent publicly-disclosed transaction was the December sale of three Colorado hotels for $37 million, according to data provider Real Capital Analytics. In a joint venture with hotel developer Sage Hospitality, the firm sold the hotels to Schulte Hospitality.