Key Takeaways
- • ACORE Capital, LP announced the final close of ACORE Credit Partners II (ACP II) with total equity commitments of approximately $1.4 billion, described as oversubscribed.
- • ACP II is the latest and largest fund in ACORE's flagship series of U.S. commercial real estate credit funds focused on transitional debt investments.
- • Investors include U.S. pension plans, sovereign wealth funds, endowments and foundations, insurance companies and family offices.
- • ACORE has originated approximately $40 billion in loans since its May 2015 inception and manages about $20 billion in assets as of December 31, 2023.
- • CEO Warren de Haan cited the raise as a testament to ACORE's track record and relationships despite a very difficult capital raising environment.
Summary
ACORE Capital, LP, one of the leading U.S. commercial real estate debt managers, has announced the final close of ACORE Credit Partners II ("ACP II"), which was oversubscribed with total equity commitments of approximately $1.4 billion, according to the firm's Business Wire release dated April 24, 2024.
ACP II is the largest fund in ACORE's flagship series of commercial real estate credit vehicles, which originate and manage transitional debt investments in the United States. The fund drew capital commitments from a diverse group of global institutional investors, including U.S. pension plans, sovereign wealth funds, endowments and foundations, insurance companies and family offices. Many of these investors have previously invested with the firm.
Warren de Haan, CEO of ACORE, said the fundraise succeeded "especially in a very difficult capital raising environment," which he attributed to the firm's track record, relationships and the opportunity to deploy capital into transitional real estate over the next few years. Michael Romo, Senior Managing Director and Head of Global Capital Raising and Investor Relations, said traditional lenders' higher debt costs and reduced availability of debt capital are creating attractive opportunities for ACORE, which was established as an alternative source of real estate debt.
Since its inception in May 2015, ACORE has originated approximately $40 billion in loans, and it held approximately $20 billion in assets under management as of December 31, 2023. The firm, with offices in New York, Los Angeles, Miami, San Francisco and Dallas, originates, acquires and manages first mortgages, B-notes, mezzanine debt and preferred equity.
ACP II is the largest fund in ACORE's flagship series of commercial real estate credit vehicles, which originate and manage transitional debt investments in the United States. The fund drew capital commitments from a diverse group of global institutional investors, including U.S. pension plans, sovereign wealth funds, endowments and foundations, insurance companies and family offices. Many of these investors have previously invested with the firm.
Warren de Haan, CEO of ACORE, said the fundraise succeeded "especially in a very difficult capital raising environment," which he attributed to the firm's track record, relationships and the opportunity to deploy capital into transitional real estate over the next few years. Michael Romo, Senior Managing Director and Head of Global Capital Raising and Investor Relations, said traditional lenders' higher debt costs and reduced availability of debt capital are creating attractive opportunities for ACORE, which was established as an alternative source of real estate debt.
Since its inception in May 2015, ACORE has originated approximately $40 billion in loans, and it held approximately $20 billion in assets under management as of December 31, 2023. The firm, with offices in New York, Los Angeles, Miami, San Francisco and Dallas, originates, acquires and manages first mortgages, B-notes, mezzanine debt and preferred equity.
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