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Westbrook closes $2.5bn fund

The New York-based real estate firm will focus on undervalued and distressed assets in the US, Europe and Japan with its latest real estate vehicle, Westbrook Real Estate Fund VIII.

Westbrook Partners has closed its latest real estate fund to date on $2.5 billion, targeting distressed opportunities in the US, Europe and Japan.

The New York-based private equity firm was over-subscribed for Westbrook Real Estate Fund VIII, according to people familiar with the matter. This is the firm’s eighth opportunistic real estate fund since the firm was founded in 1994, by Paul Kazilionis. In 2003, five Westbrook managing members including co-founder Bill Walton, Greg Hartman, Jonathan Paul, Keith Gelb and Pat Fox, split from the firm to launch a spin-off private equity firm, the Rockpoint Group.

The Westbrook VIII fund is seeking a 20 percent IRR before fees, according to a February report from New Jersey State Investment board. The fund, it says, will target undervalued assets and portfolios; corporate and government divestitures; urgent recapitalizations, and ownerships in liquid cities such as London, Paris, Tokyo, Washington DC, New York and San Francisco.

Westbrook Partners, which employs more than 40 professionals in New York, San Francisco, London, Paris and Tokyo, projects returns of 36 percent on all realized, partially realized and unrealized investments in its previous seven funds. Westbrook declined to comment.