“We will continue to employ a measured investment pace, applying discipline and patience to identify and take advantage of opportunities that are consistent with our investment strategy,” says Tyson Skillings, a Los Angeles-based managing partner at Rockwood and the portfolio manager of Fund X. “We will focus on speed-to-income, or how quickly value creation can be executed and a durable income stream put in place.” Among Rockwood's tactics for value creation are repositioning, re-leasing, rehabilitation or development of assets.
In common with its predecessors, Fund X drew upon a diverse, multi-national investor base consisting of public and private pension funds, foundations, endowments, insurance companies, funds of funds, family offices and high net worth individuals. Over 60% of Fund X investors have invested in previous Rockwood-sponsored funds. According to PERE data, those participating in Fund X included the Minnesota State Board of Investment, which came aboard with $100 million; and Kentucky Teachers' Retirement System and New Mexico Public Employees Retirement Association, each of which invested $60 million.

“We are extremely gratified by the trust and support of our existing investors and their continued confidence in our ability to execute the investment strategy that we have honed over decades,” says Peter Falco, senior managing partner. “We are also delighted to begin relationships with our new investors and look forward to working with them to enhance their existing investment portfolios.”

Park Madison Partners served as Fund X's exclusive placement agent in North America, while London-based Threadmark LLP served as the fund's exclusive placement agent in Europe.

“We are proud to have achieved such a positive fundraising outcome with Rockwood and Fund X,” says Nancy Lashine, managing partner and founder of Park Madison. “In addition to reaching the fund's hard cap, we were able to further diversify Rockwood's investor base with high quality institutions including sovereign wealth funds, public and private pensions, foundations and new consultant relationships.” Headquartered in Midtown Manhattan with offices in Los Angeles, San Francisco and Seoul, Rockwood has assets under management of $8.8 billion.

NEW YORK CITY—Private real estate firm Rockwood Capital LLC said Wednesday it had closed its latest value-added fund at $1.1 billion. The fund was launched in January 2015 and was 30% committed at closing, with nine investments to date.

PERE reported Wednesday that Rockwood Capital Real Estate Partners Fund X LP surpassed an $800-million target and reached its hard cap of $1.1 billion. Fund IX, launched in 2012, closed in 2013 at $678 million, short of its $800-million target, according to PERE. Fund VIII closed in 2009 at $964 million.

The investment thesis of Fund X is similar to what Rockwood identified as the focus of Fund VIII eight years ago. The newly closed fund will target office, residential, retail and hotel assets in urban and “suburban core” mixed-use environments across the US, and Rockwood says the new fund will execute on the firm's “time-tested strategy of balancing risk across the value-added spectrum.”

In particular, Fund X will target growing and evolving neighborhoods, especially those driven by some combination of education, wealth and favorable population-based socioeconomic trends. PERE reported Wednesday that Rockwood is seeking an IRR of 12% to 14% for Fund X.

“We will continue to employ a measured investment pace, applying discipline and patience to identify and take advantage of opportunities that are consistent with our investment strategy,” says Tyson Skillings, a Los Angeles-based managing partner at Rockwood and the portfolio manager of Fund X. “We will focus on speed-to-income, or how quickly value creation can be executed and a durable income stream put in place.” Among Rockwood's tactics for value creation are repositioning, re-leasing, rehabilitation or development of assets.
In common with its predecessors, Fund X drew upon a diverse, multi-national investor base consisting of public and private pension funds, foundations, endowments, insurance companies, funds of funds, family offices and high net worth individuals. Over 60% of Fund X investors have invested in previous Rockwood-sponsored funds. According to PERE data, those participating in Fund X included the Minnesota State Board of Investment, which came aboard with $100 million; and Kentucky Teachers' Retirement System and New Mexico Public Employees Retirement Association, each of which invested $60 million.

“We are extremely gratified by the trust and support of our existing investors and their continued confidence in our ability to execute the investment strategy that we have honed over decades,” says Peter Falco, senior managing partner. “We are also delighted to begin relationships with our new investors and look forward to working with them to enhance their existing investment portfolios.”

Park Madison Partners served as Fund X's exclusive placement agent in North America, while London-based Threadmark LLP served as the fund's exclusive placement agent in Europe.

“We are proud to have achieved such a positive fundraising outcome with Rockwood and Fund X,” says Nancy Lashine, managing partner and founder of Park Madison. “In addition to reaching the fund's hard cap, we were able to further diversify Rockwood's investor base with high quality institutions including sovereign wealth funds, public and private pensions, foundations and new consultant relationships.” Headquartered in Midtown Manhattan with offices in Los Angeles, San Francisco and Seoul, Rockwood has assets under management of $8.8 billion.