Stephen Ross’ Related Companies raised a cool $1 billion for a real estate fund designed to buy, refurbish and flip distressed properties.
The firm exceeded its fundraising goal for the endeavor, which was $850 million, the New York Times reported.
The fund is the second of its kind for Related, which raised $825 million in 2012 for a similar vehicle. The firm is using the money to buy and redeveloped One Madison Park in the Flatiron District, among other projects. The first fund’s manager, Justin Metz, will lead this one as well.
The cash for Related Real Estate Fund II came largely from institutional investors such as sovereign wealth funds, pension plans and endowments. [NYT] – Ariel Stulberg