Tricon Capital Group, a Toronto-based private equity firm focused on real estate, has announced a supplementary closing of US$40 million for its most recent U.S. distressed residential real estate fund, Tricon XI LP. As a result, the institutionally-supplied fund’s size now totals US$301.5 million.This closing, which includes commitments from two existing institutional investors, increases Tricon’s total capital under management to more than $1.6 billion.
Tricon Capital Group Holds Third Close for Tricon XI, Increasing Fund Capitalization to US$300 Million
TORONTO, Nov. 1, 2013 /CNW/ – Tricon Capital Group Inc. (TSX: TCN) (“Tricon” or the “Company”) today announced an additional closing of approximately US$40 million for its most recent U.S. residential real estate fund Tricon XI, L.P. (“Tricon XI” or the “Fund”), increasing the Fund size to US$301.5 million. This closing, which includes commitments from two existing institutional investors, increases Tricon’s assets under management (“AUM”) to over $1.6 billion, representing an almost 50% increase in AUM from December 31, 2012.
Tricon XI was established in late 2012 to capitalize on “once in a generation” investment opportunities in distressed U.S. residential real estate that have arisen out of the 2007-10 credit crisis and related economic recession. The Fund provides financing to experienced and reputable real estate developers for the acquisition, repositioning and development of residential properties across the United States, with a primary focus on Northern and Southern California; Phoenix, Arizona; South Florida; Dallas and Houston, Texas and Atlanta, Georgia. As of today, the Fund has committed to seven transactions, aggregating nearly US$153 million of Fund capital.
About Tricon Capital Group Inc.
Founded in 1988, Tricon is one of North America’s leading residential real estate investment companies with approximately $1.6 billion of assets under management and an investment in nearly 3,000 U.S. single-family rental homes. Tricon provides financing to local operators or developers in select markets in the United States and Canada, with a primary focus on for-sale housing in growing markets. Since inception, Tricon has invested in approximately 160 transactions for development projects valued at more than $11 billion. More information about Tricon is available at www.triconcapital.com.
This press release may contain forward-looking statements relating to expected future events and financial and operating results and projections of the Company, including statements regarding future plans, objectives or economic performance that involve risks and uncertainties. Forward-looking information and statements are based on management’s expectations, intentions and assumptions. If unknown risks arise, or if any of the assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from management expectations as projected in such forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.
SOURCE Tricon Capital Group Inc.
For further information:
Photo courtesy of Shutterstock.