NEW YORK CITY-RCG Longview’s Debt Fund IV LP has closed at $602.5 million in raised equity, the opportunity manager announced on Monday. It’s the fourth fund that RCG’s general partners have raised since 1999 to target high-yield debt opportunities secured by commercial real estate assets.

An RCG source tells GlobeSt.com that “it may be news that we’ve raised $602.5 million at a time when the market is in a bit of a vacuum. However, it’s important to stress that we have continued to be in this business for a long time.” The general partners have been large-scale owners and operators in their own right. “We continue to do the business we have done for some time, with modifications to expectations of yield and desire to make sure we’re not over-investing.”

Those partners–Peter Cohen and Michael Boxer of Ramius LLC, Jeffrey Feil and Jay Anderson of the Feil Organization, Morton Olshan of Mall Properties and Jon Estreich of Estreich & Co.–have originated more than $2 billion in real estate mezzanine debt and other related instruments through RCG Longview fund vehicles. The vehicles have included bridge loans, mezzanine loans, bridge mortgages and preferred equity opportunities.

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