Rockwood Capital Closes Tenth Real Estate Fund At $1.1B Hard Cap

Jan 19 2017 | 7:16pm ET

Rockwood Capital has raised $1.1 billion in capital commitments for its tenth real estate-focused private equity fund, hitting its hard cap.

The new fund, named Rockwood Capital Real Estate Partners Fund X, L.P., is a value-added vehicle and will target office, residential, retail and hotel assets in urban and “suburban core” mixed-use environments in the United States, according to a statement. 

Fund X will endeavor to execute Rockwood time-tested strategy of balancing risk across the value-added spectrum with a focus on “speed-to-income,” the company said. In particular, Fund X will target growing and evolving neighborhoods, especially those driven by some combination of education, wealth and favorable population-based socioeconomic trends.

As of the final closing, Fund X is approximately 30 percent committed through nine investments. “Fund X has consummated nine investments to date that we believe will deliver compelling, risk-adjusted returns as we execute our value-enhancing business plans,” said Tyson Skillings, a managing partner and portfolio manager of Fund X. “We will focus on speed-to-income, or how quickly value creation can be executed and a durable income stream put in place.”

Fund X’s investor global investor base consists of public and private pension funds, foundations, endowments, insurance companies, funds of funds, family offices and high net worth individuals, Rockwood explained. More than 60% of them are returning investors from previous Rockwood-sponsored funds. 

Park Madison Partners served as Fund X’s exclusive placement agent in North America. while Threadmark LLP served as Fund X’s exclusive placement agent in Europe.

Founded in 1995, Rockwood Capital is a real estate investment management firm that specializes in repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets in the United States. The company has invested approximately $23.2 billion of real estate through ten funds and eight separate accounts since inception, and currently manages a portfolio of approximately $3.6 billion of net equity value in approximately $8.8 billion of gross real estate value. 

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