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WASHINGTON, DC–New York City-based Pembrook Capital Management manages two of the growing number of private equity funds that invest in affordable housing. It is a small enough universe that a fund doesn’t have to specialize or focus on a particular aspect of affordable housing — there is, in theory at least, plenty of low-hanging fruit for everyone.

But Fund III, for which Pembrook is still capital raising, is looking at only one piece of this market: bridge financing on deals that are working to get re-syndicated. It is a piece — bridge financing is money in, money out — in an otherwise risky transaction as syndication specifically, and affordable housing finance in general, is a complex affair and there is no guarantee a deal will come together.

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