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Wheelock Street Capital holds final closing of first USD525m commingled fund

Wheelock Street Capital has closed on USD525m in commitments for its first fund, Wheelock Street Real Estate Fund. 

Wheelock will invest in a broad range of real estate assets throughout the US. 

The fund may invest directly or with joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalisations.

Wheelock received commitments from a broad spectrum of investors including endowments, alternative asset managers, pension plans, foundations, and family offices. 

Wheelock initially targeted USD500m for the fund and subsequently increased the fund size to USD525m due to excess demand after the first closing in late 2011.

"We were fortunate to have gained momentum at the outset of the raise due to support from key lead investors," says Rick Kleeman (pictured), one of Wheelock’s co-founders and managing partners. 

Jonathan Paul, also a co-founder and managing partner, adds: "We believe that at this level of capital commitments, the Fund is well positioned to capitalise on current market opportunities while maintaining a high level of selectivity and focus."

Wheelock was formed in 2008 by Kleeman and Paul, two veteran real estate private equity investors, each with over 20 years of broad real estate transaction experience across all major asset classes. Prior to forming Wheelock, Kleeman and Paul were senior partners at private equity firms including Starwood Capital Group, Rockpoint Group and Westbrook Partners.

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