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Latin American LPs help Finesa hit $70M first close on real estate fund

28 August 2012

(AltaAssets) August 28, 2012 – A trio of Colombian pension funds have acted as anchor investors for a $70m first close of private equity real estate vehicle Diversified International Partners.

Finesa Real Estate Group is the general partner for the fund, which is targeting $200m from Latin American LPs.
The firm said it would be investing in income-producing properties across the US including office, industrial, retail and multifamily developments.

Transwestern Investment Management has been appointed as the investment manager for DIP responsible for acquisitions, asset management and disposition of investments.

Washington DC-based Finesa focuses on acquisition, redevelopment and management of commercial assets, traditionally along the East Coast and Mid-West regions of the US.

Earlier this month real estate development company Crescent Resources closed on $50m of a $100m equity commitment from its existing private equity backers Anchorage Capital Master Offshore and MatlinPatterson Global Opportunities Partners III, and entered into a new $50m revolving credit facility.

The company said it would use the proceeds to make targeted investments, primarily in the residential and multi-family sectors, and to refinance existing debt.