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Alternative Market Briefing

Kennedy Wilson wraps up sixth US real estate fund at $775 mln

Tuesday, December 24, 2019

Laxman Pai, Opalesque Asia:

Beverly Hills-based real estate investment company Kennedy Wilson has secured $775 million in capital commitments.

The group has now closed fundraising for the Kennedy Wilson Real Estate Fund VI, which is focused on value-add real estate investments.

"Institutional investors continue to show a strong appetite for real estate in West Coast markets, many of which are leading the country in job creation, wage gains, and technology trends," said Nicholas Colonna, president of Commercial Investments and Fund Management.

The Kennedy Wilson team secured capital commitments from a diverse, global institutional investor base, including private wealth management offices, public and corporate pension funds, and family offices. Kennedy Wilson committed $82 million to the fund.

Fund VI will have a purchasing power of $2 billion in commercial assets. The fund is the largest private placement in the company's 31-year history and is 55% larger than its predecessor fund, which closed in 2016.

"The close of our sixth value-add discretionary fund is a milestone moment for our investment management platform, and feeds into our focus on expanding our third-party capital raising," William McMorrow, chairman, and chief executive at Kennedy Wilson, said.

"The mandate for Fund VI gives us the flexibility we need to tap into our management, leasing and development expertise, and to pursue the upside opportunity of well-located assets in a relati......................

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