Rockwood Capital has raised $460 million of equity for its fifth value-added fund—surpassing the original $400 million target

Real Estate Alert, April 21, 2004

Rockwood Capital has raised $460 million of equity for its fifth value-added fund--surpassing the original $400 million target. The Greenwich, Conn., firm has already invested some $200 million in a handful of assets, including a portfolio of Starwood Hotels & Resorts properties. The fund will have total buying power of $1.5 billion through the use of leverage.

Rockwood, which started marketing the fund in late 2002, is aiming for an internal rate of return around 16%. Placement agent Quince Hill Partners assisted in the fund-raising effort.