Rockwood Capital LLC has closed its 10th real estate fund at a hard cap of $1.1 billion. Rockwood Capital Real Estate Partners Fund X LP will target office, residential, retail and hotel assets in the U.S. The fund’s investor base include public and private pension funds, foundations, endowments, insurance companies, funds of funds, family offices and high-net worth individuals. Park Madison Partners was Fund X’s placement agent in North America while Threadmark LLP was the fund’s European counterpart.
NEW YORK–(BUSINESS WIRE)–Rockwood Capital, LLC (“Rockwood”), a private real estate investment firm, today announced that it has closed Rockwood Capital Real Estate Partners Fund X, L.P. (“Fund X”) with $1.1 billion in capital commitments, meeting the fund’s hard cap. The value-added fund will target office, residential, retail and hotel assets in urban and “suburban core” mixed-use environments in the United States.
With Fund X, Rockwood will endeavor to execute its time-tested strategy of balancing risk across the value-added spectrum with a focus on “speed-to-income.” In particular, Fund X will target growing and evolving neighborhoods, especially those driven by some combination of education, wealth and favorable population-based socioeconomic trends.
As of the final closing, Fund X is approximately 30 percent committed, having completed nine investments. “Fund X has consummated nine investments to date that we believe will deliver compelling, risk-adjusted returns as we execute our value-enhancing business plans. We will continue to employ a measured investment pace, applying discipline and patience to identify and take advantage of opportunities that are consistent with our investment strategy,” said Tyson Skillings, a Managing Partner and the Portfolio Manager of Fund X. “We will focus on speed-to-income, or how quickly value creation can be executed and a durable income stream put in place.”
Fund X has a diverse, multi-national investor base consisting of public and private pension funds, foundations, endowments, insurance companies, funds of funds, family offices and high net worth individuals. Over 60 percent of Fund X investors have invested in previous Rockwood-sponsored funds. “We are extremely gratified by the trust and support of our existing investors and their continued confidence in our ability to execute the investment strategy that we have honed over decades,” said Peter Falco, Senior Managing Partner. “We are also delighted to begin relationships with our new investors and look forward to working with them to enhance their existing investment portfolios.”
Park Madison Partners served as Fund X’s exclusive placement agent in North America. “We are proud to have achieved such a positive fundraising outcome with Rockwood and Fund X,” said Nancy Lashine, Managing Partner and Founder of Park Madison. “In addition to reaching the Fund’s hard cap, we were able to further diversify Rockwood’s investor base with high quality institutions including sovereign wealth funds, public and private pensions, foundations, and new consultant relationships.” Threadmark LLP served as Fund X’s exclusive placement agent in Europe.
About Rockwood Capital
Rockwood Capital, LLC is a real estate investment management firm founded in 1995 that provides equity capital combined with real estate operating expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Rockwood and its principals have invested on behalf of their clients approximately $23.2 billion of real estate through ten value-added vehicles and eight separate accounts. Today, Rockwood is an 82-person real estate investment firm with offices in New York, NY; San Francisco, CA; Los Angeles, CA; and Seoul, Korea that manages a portfolio of approximately $3.6 billion of net equity value in approximately $8.8 billion of gross real estate value. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices.