Dallas-based Canyon Partners Real Estate has closed Canyon US Real Estate Debt Fund III, a real estate credit investment strategy with roughly $1.2 billion of assets, surpassing its $1 billion fundraising target.
The firm said CRED III represents Canyon’s largest U.S. real estate debt fund to date, nearly doubling its $650 million predecessor fund.
“The growth of our debt platform reflects the increasing recognition of our disciplined investment approach and our ability to deliver strong performance across market cycles,” Robin Potts, partner at Canyon and the firm’s chief investment officer of real estate, said in a statement. “In today’s evolving economic landscape, including a ‘higher for longer’ interest rate environment, we see significant opportunities to provide flexible capital solutions to borrowers while creating attractive risk-adjusted returns for our investment partners.”
A ‘generational opportunity’ for real estate debt investing
“We believe we’re witnessing a generational opportunity for real estate debt investing and are thrilled with the portfolio we have been able to create in today’s environment, already deploying 44% of the Fund’s capital,” Potts added. “The strong support from our global investor base underscores the continued confidence in our strategy and execution.”
Canyon Partners said that CRED III has attracted a diverse global investor base from the U.S., Asia, Middle East, Europe, and South America. The fund’s Investors include sovereign wealth funds, public and corporate pensions, endowments, financial institutions, RIAs, and family offices, Canyon said.
The firm said that the fund targets a range of senior and subordinate, primary and secondary market real estate debt investments as well as real estate credit securities across the nation. CRED III invests opportunistically, Canyon said, across property types with a focus on multifamily and other defensive asset classes that are benefitting from supply/demand imbalances and demographic tailwinds.
Canyon said its direct real estate investment arm has been managing institutional capital since the 1990s, and currently manages $4 billion of investor capital across approximately $12.6 billion total capitalization of real estate assets.
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