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ACORE Capital closes debt fund at $1.4bn

San Francisco-based real estate credit manager ACORE Capital has closed a new commingled credit fund with approximately $1.4bn in capital commitments from investors, according to a report by PERE.

The report cites PERE data in revealing that US-focused ACORE Credit Partners II, which was oversubscribed, having originally targeted $1bn when launched in early 2022, is the largest private real estate debt fund closed so far this year, and the joint fourth-largest private real estate fund overall.

The predecessor fund ACORE Credit Partners I, which was the firm’s first discretionary commingled fund and originates value-add financing to institutional borrowers, closed with $556m in 2019, while the firm also raised $254m for another fund the ACORE Opportunistic Credit I, which closed in 2022, and originates value-add, opportunistic and special situations financing to middle-market and institutional borrowers via the latter vehicle.

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