Carlyle Raises $9B for Opportunistic Real Estate Fund
This marks the company’s 10th and largest investment vehicle.
Carlyle has reached the final close of its 10th U.S. opportunistic real estate fund, Carlyle Realty Partners X (CRP X), with $9 billion of total commitments, the global investment firm announced Monday.
The fund follows Carlyle Realty Partners IX, for which the firm raised $8 billion in 2021.
CRP X will, in Carlyle’s words, focus on “sectors underpinned by secular demographic and technological tailwinds and attractive supply-demand dynamics, including residential, self storage and industrial.” The fund is anticipated to have no exposure to office, hotel or retail, sectors that Carlyle has strategically avoided in recent investments.
In a company statement, Rob Stuckey, head of Carlyle’s U.S. Real Estate team since 1998, referenced repeat commitments from existing investors alongside strong support from investors who are new to Carlyle, all in a difficult fundraising environment for real estate.
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In terms of the fund’s goals, Stuckey highlighted the improving fundamentals across its target sectors, concurrent with “an environment of relatively constrained liquidity.”
A Carlyle spokesperson did not reply to Commercial Property Executive’s request for additional information.
Suburban and green
In May, Baxter International spinoff Vantive leased nearly 670,000 square feet at the Corporate 500 office campus in Deerfield, Ill., as its new headquarters. Vantive had been acquired in February for $3.8 billion by funds managed by the Carlyle Group. The landlord is New York City–based Opal Holdings.
Vantive reportedly plans to put $23 million into the Class A, 1980s-vintage, four-building campus on Lake-Cook Road. Part of that is presumably being covered by a 10-year state income tax credit agreement, which is contingent on Vantive retaining its current 219 employees and adding 50 more full-time positions at the company’s new headquarters.
Last September, Carlyle made a strategic investment into real estate financing provider North Bridge ESG LLC, along with a commitment to provide up to $1 billion to facilitate the origination of commercial property assessed clean energy (C-PACE) loans by North Bridge.
North Bridge founder and CEO Laura Rapaport described the commitment to C-PACE as the company’s largest to date.
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