Madison International Realty, a real estate private equity firm, announced the final closing of its latest fund, Madison International Real Estate Liquidity Fund V, LP (Madison V), with $825 million of equity commitments from a global roster of institutional investors.
The final closing of Madison V exceeded its $750 million target, according to Ronald M. Dickerman, Madison’s founder and president.
“We are very pleased with the robust and broad support we received from investors around the world who continue to find our unique class A, direct secondary strategy both differentiated and compelling. Madison V is our third consecutive fund to be oversubscribed,” Dickerman said.
“Our success in this latest capital raise underscores our continued ability to source, underwrite and execute on investments which deliver an asymmetric risk/return in the class A real estate space.”
Madison International Realty specializes in acquiring partial ownership and joint venture interests in class A properties and portfolios in primary markets in the U.S., U.K. and Western Europe.
The firm also provides joint venture equity to owners, sponsors and investors who are seeking to monetize existing equity positions, restructure balance sheets, or to replace existing capital partners.
Madison V has already deployed approximately 40 percent of its capital commitments into closed investments including One California Plaza, a 42-story, class A office tower in downtown Los Angeles, and the Saks Fifth Avenue retail store in Union Square in San Francisco. International investments include Songbird Estates Plc, which controls London’s Canary Wharf, the New Century House office building in Dublin, Ireland, and the Statoil Office Complex in Oslo, Norway.
“By utilizing our well-established product sourcing channels, we have already identified a dynamic pipeline of prospective investment opportunities and we anticipate maintaining this pace of activity for the balance of the year,” Dickerman said.
Madison V involved a global capital raise to a diverse group of investors worldwide, Dickerman added. In addition to U.S. public pension funds, corporate pensions, insurance companies, endowments, foundations and family offices, Madison investors include institutions in Europe, Middle Eastern sovereign wealth funds and institutional investors in Asia and Australia.