Centerbridge soars past second real estate fund target to reach $2.3bn final close

Centerbridge Partners has sealed a storming fundraise by closing its second real estate fund on $2.3bn, well above its initial $1.5bn target.

The firm said Centerbridge Partners Real Estate Fund 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.

Never miss a story – click to sign up to AltAssets’ free daily PE newsletter

William Rahm, the firm’s head of real estate, said, “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.

“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 a more than 150% increase in committed capital compared to CPREF I, which the firm closed in December 2018.

Hodes Weill Securities acted as placement agent for the fund, and Simpson Thacher & Bartlett served as legal counsel.

Centerbridge, which was founded in 2005, has about $33bn in capital under management across private equity, credit and real estate strategies.

Copyright © 2022 AltAssets

Source: https://www.altassets.net/private-equity-news/by-region/north-america-by-region/united-states-north-america-by-region/centerbridge-soars-past-second-real-estate-fund-target-to-reach-2-3bn-final-close.html