Kennedy Wilson on Wednesday said that it had raised $125 million for its KW Property Fund III from a diverse group of investors, including university endowments, public funds and foundations.
The Beverly Hills real estate investment and services firm, which manages a 40 million-square-foot portfolio of residential and commercial real estate, said the now-closed fund is targeting equity and debt investment opportunities on the West Coast and Hawaii. It is specifically targeting assets that have financially distressed owners or are undermanaged, underleased or can be repositioned.
The fund will be supplemented by Kennedy Wilson and outside co-equity investors giving the company a total of $3.5 billion of buying power.
“Despite a challenging economic environment, our fundraising efforts for (the fund) were successful,” said Executive Vice Chairman Donald J. Herrema said in a statement. “We are very pleased with the quality and diversity of investors that are participating with us.”
Kennedy Wilson has raised $1.3 billion of capital in the past 18 months, positioning it to aggressively pursue investment opportunities. Recent transactions include apartments and condominiums.
Shares closed down 13 cents, or 1.3 percent, to $9.84 on the New York Stock Exchange.
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