Conversant Capital closes debut opportunistic real estate fund at $845m
The commingled vehicle accounted for about $705 million of the total, clearing its $500 million target by more than 40 percent.
At a glance
Conversant Capital closed its inaugural opportunistic real estate fund with $845 million in equity commitments, about $705 million of it in the commingled vehicle.
With the close, the firm manages approximately $3.2 billion in assets, it said.
Conversant says CPIF has invested across seven deals, including senior living, scattered-site student housing, convenience retail, a Class A London office, big-box San Francisco hotels, digital infrastructure and opportunistic commercial real estate credit.
Conversant Capital closed its inaugural opportunistic real estate fund with $845 million in equity commitments, about $705 million of it in the commingled vehicle. The rest came through dedicated co-investment vehicles, according to the firm's announcement.
| Vehicle | Equity commitments | Note |
|---|---|---|
| Conversant Private Investment Fund (commingled) | Approximately $705 million | Exceeded $500 million target by more than 40% |
| Dedicated co-investment vehicles | Approximately $140 million (derived) | Difference between the two announced figures |
| Total | $845 million | Includes co-investment vehicles |
Conversant described the investor base as a mix of repeat and new partners, spanning sovereign wealth funds, university endowments, foundations, healthcare institutions, pension plans, asset managers and family offices.
With the close, the firm manages approximately $3.2 billion in assets, it said. PRED's records list $3.1 billion in regulatory assets under management, 24 accounts and 19 employees as of Oct. 3.
Conversant says CPIF has invested across seven deals, including senior living, scattered-site student housing, convenience retail, a Class A London office, big-box San Francisco hotels, digital infrastructure and opportunistic commercial real estate credit. It has fully realized one of them.
The close lands roughly two weeks after Conversant's Pacific View mall joint venture with PRCP.
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