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Monday, 18 July 2016

Rockpoint Raises $783Mln for Latest Lower-Risk Investment Fund

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Commercial Real Estate Direct Staff Report

Rockpoint Group has raised nearly $783 million for its latest core-plus fund.

The Boston investment manager is said to be shooting for a $2 billion equity target for the fund, Rockpoint Growth & Income Real Estate Fund II LP, a follow-up to its first core-plus vehicle, which had raised $1 billion of capital as of last year. So far, it's generated a 9.5 percent net internal rate of return, according to the Burlington (Vt.) Employees' Retirement System, which has committed to invest in the latest fund.

Rockpoint traditionally has pursued opportunistic or value-add strategies, and earlier this year had raised $3.3 billion of equity commitments for its opportunistic Rockpoint Real Estate Fund V, well exceeding its $2.5 billion target. It had launched its lower-risk Growth & Income series of funds in 2014, broadening its offerings.

The fund is expected to pursue office and apartment properties and leverage its investments with debt by up to 50 percent. Rockpoint would earn a management fee of 125 basis points on capital commitments of up to $50 million, with those fees declining for larger commitments.

The expectation is that the fund would have a 10-year life, but could be extended by up to another two years. The fund would shoot to provide its investors with a preferred return of 7 percent.

Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.



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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Institutional Investment (INS), Opportunity Funds (OPPY)
  • Valuation: More than $150 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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