Rockbridge Continues Its Pursuit of Hospitality Assets
Firm’s eighth fund raised $431 million, slightly topping its target.
Rockbridge announced it will take a familiar path with its eighth ’s flagship fund – pursuing hospitality-focused real estate investments in the US.
This week, it completed the final closing of its most recent value-add flagship fund, Rockbridge Hospitality Fund VIII L.P., having raised $431 million of investor commitments, surpassing its target of $425 million.
Fund VIII was backed by both long-standing investors and select new investors, including pension funds, foundations, endowments, insurance companies, asset managers, and private capital from family offices and high net worth investors, according to a release.
The fund has already made investments in 29 hotels, committing nearly $300 million of fund capital in both opportunistic debt and equity investments.
The fund also maintains an active pipeline with several additional investments in closing or under control.
Rockbridge expects to deploy Fund VIII’s remaining capital in the next 12 months and then be back in the market with its next flagship fund.
Jim Merkel, CEO, Rockbridge, said in prepared remarks, “We are pleased with the portfolio we have built to date and expect the disruption in the market to continue to produce even more opportunities for us.”