NEW YORK CITY-The Related Cos., the developer and manager behind Hudson Yards, has closed on a recovery fund with equity commitments of $825 million, the company announced in a statement Monday morning. The fund—established in 2009—exceeded its original $750-million target due to high investor interest and strong investment deal flow in New York, Illinois and Florida.

The company established the fund nearly two years ago in order to offer its institutional partners investment opportunities in the distressed property business throughout the US. The fund has made several investments in Manhattan, including 511-541 W. 25^th St., One Madison Park and 225 Rector Pl. in Midtown South and Downtown, respectively. The fund has also invested in 111 W. Wacker Dr. in Chicago and Oasis in Fort Meyers, FL.

In developing the recovery fund, Related tapped former Goldman Sachs-executive Justin Metz to build out a team and launch the fund management platform. With a team of 20 employees, the fund manages approximately $1.5 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, Taft Hartley plans and family offices across three areas: distressed real estate opportunities, origination and acquisition of construction loans and multifamily housing opportunities, Related says.