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Rockpoint unveils latest megafund targeted at COVID distress

Rockpoint Group has joined the growing list of investment firms holding mega-funds targeted at picking up the pieces of a post-COVID real estate market.

The global investment management firm has announced two funds with more than $5.8 billion in capital commitments.

“In the wake of the challenges our economy has faced in recent months, we believe there will be significant opportunities across both Fund VI and RGI III, and we are excited to pursue what we expect will be attractive real estate investments in our target U.S. markets,” said Rockpoint co-founders Bill Walton and Keith Gelb in a statement.

“As we mark our 25th anniversary, we appreciate the confidence of our limited partners, who have reaffirmed their support of our fundamental value investment approach.”

Opportunistic vehicle Rockpoint Real Estate Fund VI has garnered $3.8 billion in total equity capital commitments, exceeding its $3 billion fund target. Rockpoints lower risk vehicle, Rockpoint Growth and Income Real Estate Fund III has with $2 billion in commitments.

Investors in Fund VI and RGI III include a diverse group of public and corporate pension funds, sovereign wealth funds, endowments, foundations, and other sophisticated investors spanning the United States, Asia, Canada, Europe, Latin America and the Middle East.

Since the start of the coronavirus pandemic, several mega funds have been created by companies including giant Blackstone, Goldman Sachs, Brookfield Asset Management and Pacific Investment Management Corp.

Blackstone alone has $44 billion ready to deploy in the distressed real estate market expected to grow as the fallout of the virus hits bottom lines.

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