San Francisco-based real estate investment firm Legacy Partners has closed Legacy Partners Realty Fund I at $330 million (€266 million), well above its original $250 million target.
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While first time funds are notoriously difficult to raise, it is clear that ‘blue chip’ institutional investors have recognised Legacy’s capabilities.
Legacy Partners Realty Fund I, the firm’s first institutional fund, was oversubscribed and attracted commitments from endowments and foundations, corporate and public pension funds, insurance companies, funds of funds and several family offices.
The $330 million real estate fund will acquire existing office and R&D assets in Northern California, Southern California, Seattle and Denver.
Atlantic Pacific Capital, a Greenwich, Connecticut-based placement agent, was hired to market the fund last year.
“While first time funds are notoriously difficult to raise, it is clear that ‘blue chip’ institutional investors have recognised Legacy’s capabilities,” said Joseph Herman, Atlantic Pacific Capital’s president, in a statement.
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