Whitman/Peterson Partners IV closes on $692m

The Californian investment firm has held a final close on its latest opportunistic real estate vehicle.

Fund: Whitman/Peterson Partners IV
Amount raised: $692 million
Target size: $500 million
Stage of fundraising: Final close
Time on the road: One year and five months
Predecessor fund: Whitman/Peterson Partners III ($402m)

Following a fourth close, reported by PERE earlier in November, Whitman Peterson has raised $692 million in commitments for its fourth series real estate fund, according to a contact from the fund’s capital adviser Evercore.

Whitman Peterson, which is headquartered in Westlake Village, California, originally targeted $500 million for Whitman/Peterson Partners IV. It expanded the fund size due to a larger than expected volume of attractive investment opportunities. Investors included private and public pensions, insurance companies, foundations, endowments and multi-family offices.

The vehicle targets sectors with strong secular tailwinds, including industrial, rental housing (active adult, short-term rentals and student housing) and outdoor lodging, with a small allocation to distressed sectors, including senior housing and lodging.