Dune Real Estate Partners has closed its third real estate fund on $960 million, beating its $850 million target. Dune Real Estate Fund III has projected equity commitments of $263.5 million in eight investments in the U.S., including a residential portfolio in Las Vegas, a high-end Los Angeles retail portfolio, industrial properties in Oakland and a luxury residential development in Miami. Monument Group worked as placement agent on the fundraising.
Dune Real Estate Partners LP (“Dune”), a leading New York-based real estate investment firm, today announced the closing of its third real estate fund, Dune Real Estate Fund III (“Fund III”), with $960 million in capital commitments, substantially exceeding its $850 million target.
Like its predecessor funds, Fund III is focused on an opportunistic strategy concentrating on distressed, deep value-add and contrarian investments, primarily in the United States. Fund III already has projected equity commitments of $263.5 million in eight investments across the U.S., including a residential portfolio in Las Vegas, a high-end Los Angeles retail portfolio, industrial properties in Oakland, and a luxury residential development in Miami.
Led by five Partners who have an average of 25 years of real estate experience, Dune has raised $2.5 billion of equity capital and currently manages $3.6 billion of assets. The firm raised its capital from a broad mix of institutional investors, including public and corporate pension funds, endowments and foundations and high net worth families, in addition to a significant commitment from the firm’s professionals.
“We are pleased to announce the final closing of our third fund at a level that exceeded our target and would like to thank all of our investors for their support,” said Daniel Neidich, Founder and CEO of Dune. “The successful close underscores the strength of our team and differentiated strategy, and we view our investors’ enthusiasm as a strong endorsement of our investment approach. We see tremendous opportunities ahead and look forward to putting Fund III to work.”
“We are very pleased to have a highly diversified group of both new and long-standing investors, who have demonstrated their confidence in our ability to source, execute and manage a high-quality portfolio of opportunistic real estate investments,” added Cia Buckley Marakovits, Partner and CIO of Dune. “By leveraging our deep industry and capital markets experience, we are uniquely positioned to pursue and capitalize on exciting investment opportunities.”
“Monument Group was privileged to work once again with Dune on this fundraise,” said Lori Campana, Managing Director at Monument Group. “This successful fundraise is a testament to the Dune team, whose depth and breadth of experience positions Fund III to deliver strong performance results for investors.”
About Dune Real Estate Partners
Dune Real Estate Partners LP is a New York City-based real estate investment firm executing an opportunistic strategy with a focus on distressed, deep value-add and contrarian investing, primarily in the United States. The firm’s sole focus is on assembling and managing a diversified portfolio of compelling, opportunistic real estate investments. Dune manages the Dune Real Estate Funds, which were launched by Mr. Daniel M. Neidich in 2005 and have raised $2.5 billion of equity capital.
About Monument Group
Monument Group is a leading, independent private fund placement agent managed by a senior team with significant buy‐side investment heritage. Since its inception in 1994, Monument Group has assisted a range of general partners around the world to raise 69 funds, of which 39 were raised with repeat clients, totaling just under $80 billion of equity against an aggregate target of $76 billion. These clients represent a broad range of investment strategies including buyouts, debt, distressed, energy and natural resources, growth, infrastructure and real estate. Monument Group has offices in Boston, London, Tokyo and Hong Kong.
Monument Group, Inc., is a member of the Financial Industry Regulatory Authority (FINRA); Monument Group Europe LLP is authorised and regulated by the Financial Conduct Authority; Monument Group, L.P. is licensed as a Type II Financial Instruments Dealer in Japan; Monument Group (HK) Limited is licensed to conduct Type 1 regulated activities in Hong Kong.FUNDRAISERS: Don't miss PartnerConnect East 2018 on March 19-21 in Boston, with more than 150 speakers, 200 LPs and 300 fund managers, bankers and lenders. CLICK FOR DETAILS!