Whitman Peterson wraps third fund on $402m – Exclusive

The Westlake Village, California-based firm’s predecessor opportunistic fund raised $235m.

Whitman Peterson closed its latest opportunistic fund last month on $402 million, 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 with a $300 million target. The firm held a first close in December 2016 on $250 million, according to a filing with the Securities and Exchange Commission, and a second close in March on $325 million, PERE previously reported.

The firm’s second fund closed in 2015 on $235 million. All of Fund II’s investors re-upped for the firm’s latest fund, PERE understands.

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 primarily across the US, and has made investments in the UK and Latin America.

Its most recent publicly-disclosed transaction was the December purchase of a 570,000 square foot development site in Woburn, Massachusetts for an undisclosed amount, with plans to develop a hotel on the property, according to data provider Real Capital Analytics.

Whitman Peterson, founded in 2010, declined to provide performance data on its funds.