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12/31/19
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Kennedy Wilson has exceeded its target, securing $775 mil of capital commitments, and closed fundraising for Kennedy Wilson Real Estate Fund VI (“Fund VI”), a private equity fund focused on value-add real estate investments across the Western U.S. with purchasing power of approximately $2 bil 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 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 mil to the fund.
“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,” said William McMorrow, Chairman and CEO at Kennedy Wilson. “We are pleased to grow our relationship with those who have invested with us before, and to bring in many new top-tier limited partners. We believe that our role as co-investors in Fund VI is key to supporting alignment in our platform.”
Fund VI targets value-add real estate opportunities in the Western United States, with a focus on underperforming real estate that should benefit from a significant repositioning or renovation through Kennedy Wilson’s proven asset management program. Fund VI has a current portfolio of 12 multifamily, office, retail and other commercial assets with an aggregate purchase price of $1.1 bil, deploying $386 mil of equity to date.
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