Rockwood Closes $964M Real Estate Fund
The firm's eighth fund will invest in a wide range of real estate, including U.S.-based hotel, office, residential and retail properties.
April 28, 2009
Rockwood Capital, a San Francisco-based real estate investment firm, said Tuesday that it has raised $964 million for its latest fund.
Investors in the Rockwood Capital Real Estate Partners Fund VIII limited partnership included a mix of endowments, foundations, foreign institutions, high-net-worth individuals, insurance companies and pension funds.
“Despite today’s unsettled real estate environment, we believe that we are heading into what could be the best investment period in the last 20 years,” said Tyson Skillings, portfolio manager of Rockwood Capital Fund VIII, in a statement.
The fund, which is smaller than the firm's seventh $1.09 billion partnership, will invest across a broad range of real estate properties within the U.S., including hotel, office, residential and retail. It will seek out mixed-use facilities in large metropolitan markets stretching from Boston, New York and Washington to Southern Florida and San Francisco.
Rockwood has earned a net internal rate of return of 21.7% from 1990 to the present, according to its Web site.
The new fund comes at a time when commercial real estate is thought by many market participants to be poised for a sharp downturn, stemming in part from turmoil in the retail sector and declining rents.
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