Centerbridge Partners has closed its second real estate fund, Centerbridge Partners Real Estate Fund II (CPREF II), with $2.3 billion in capital commitments, significantly above the original target of $1.5 billion.
CPREF II will target thematic investment opportunities across self-storage and specialized storage, digital real estate, industrial and logistics, residential and subsectors experiencing positive tailwinds as a result of shifting consumer behaviors, with a focus on leisure and experiential real estate.
“We are pleased to close our second real estate fund, which marks an exceptional milestone for our real estate platform,” said Jeff Aronson, Co-Founder and Managing Principal of Centerbridge. “We are thankful for the strong support of our new and existing investors as we continue to build on the performance of our first fund.”
“We continue to see real estate markets evolve, as technology accelerates demand for asset classes from logistics to digital real estate and impacts how companies serve customers in residential, storage and leisure sectors,” said William Rahm, Senior Managing Director and Head of Real Estate. “The flexibility of our strategy and the breadth of our team’s capabilities position us well to invest strategically in this dynamic environment. We look forward to identifying a diverse range of investments where we see strong growth and an opportunity to create significant additional value for our investors.”
CPREF II represents over a 150% increase in committed capital from CPREF I, which closed in December 2018.