South Street Partners (South Street) a private equity real estate investment firm, has held the final close of SSP GP Fund I, its inaugural discretionary commingled fund, at over $225 million, significantly in excess of its original target of $100 million.
The fund will continue South Street’s strategy of executing on opportunistic, value added and special situation investment opportunities in real estate assets located in the Southeastern United States as well as select US and international markets.
The fund’s GP structure enables South Street to scale its successful 13-year strategy of partnering with institutional investment firms on large cap transactions as well as to pursue small and mid-cap deals utilising the fund’s balance sheet. In addition, the firm expects to generate co-investment opportunities for its limited partners. The fund could provide South Street with as much as $2.25 billion of unlevered buying power via these partnerships and co-investment vehicles.
The fund, which can invest across the entire spectrum of real estate asset classes but will be primarily focused on upscale and luxury resort and residential opportunities, secured commitments from a broad range of high-quality limited partners including family offices, Registered Investment Advisors, wealth management firms, funds of funds and high-net-worth investors through an oversubscribed fundraising process.
