PHILADELPHIA, July 9, 2024
/PRNewswire/ -- Corten Real Estate Management LLC ("Corten") is
pleased to report that it held a final closing of its second
commingled fund – Corten Real Estate Fund II LP – in conjunction
with a discretionary co-investment sidecar – on March 28, 2024, with $283
million of combined commitments from a variety of investors,
including public pension plans, Taft-Hartley plans, foundations,
endowments and major family offices. This exceeded the $250 million target for the Fund II vintage.
Almost all of the limited partners in Corten's first fund
recommitted to the second and the firm was also fortunate enough to
welcome a number of new institutions and individuals. GCM anchored
the fundraise and also capitalized 100% of the sidecar.
Since the formation of the firm in 2018, Corten has established
multiple funds, separately managed accounts and single asset
co-investment vehicles. Clients of several major consulting firms
have supported these offerings. Through the end of the first
quarter of 2024, the firm had regulatory assets under management
exceeding $500 million.
Managing Partner P.J. Yeatman said "We have spent the past six
years establishing our investment management business by focusing
on cultivating relationships with partners, both investors as well
as operators, who understand the nuances of our strategy and
appreciate the way in which we conduct our business. We are honored
to serve as stewards for their capital and continue to be
thoughtful in how we deploy it."
Co-Founder and Partner Chris Buccini added "I am proud of what
we have accomplished at Corten in a relatively short period of
time. The fact that we were able to exceed our fundraising
target, in the face of such a challenging macro environment, is a
testament to the effort and dedication of everyone associated with
the Corten team."
About Corten
Corten Real Estate is a private
investment manager that targets middle-market preferred equity,
mezzanine debt and joint venture equity investments in properties
located across the United States.
Corten's sector expertise and ability to invest up and down the
capital stack allow it to provide tailored capital solutions to
operating partners and sponsors looking to execute value-added
business plans. Corten has offices in the Philadelphia, PA, Wilmington, DE and Chevy Chase, MD. www.cortenrealestate.com.
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SOURCE Corten Real Estate Partners