CORTEN REAL ESTATE CLOSES ADDITIONAL COMMINGLED VEHICLES

PHILADELPHIA – July 1, 2024 – Corten Real Estate Management LLC (“Corten”) is pleased to report that it held a final closing of its second commingled fund – Corten Real Estate Fund II LP – in conjunction with a discretionary co-investment sidecar – on March 28, 2024, with $283 million of combined commitments from a variety of investors, including public pension plans, Taft-Hartley plans, foundations, endowments and major family offices.  This exceeded the $250 million target for the Fund II vintage.  Almost all of the limited partners in Corten’s first fund recommitted to the second and the firm was also fortunate enough to welcome a number of new institutions and individuals.  GCM anchored the fundraise and also capitalized 100% of the sidecar.

Since the formation of the firm in 2018, Corten has established multiple funds, separately managed accounts and single asset co-investment vehicles.  Clients of several major consulting firms have supported these offerings.  Through the end of the first quarter of 2024, the firm had regulatory assets under management exceeding $500 million.

Managing Partner P.J. Yeatman said “We have spent the past six years establishing our investment management business by focusing on cultivating relationships with partners, both investors as well as operators, who understand the nuances of our strategy and appreciate the way in which we conduct our business.  We are honored to serve as stewards for their capital and continue to be thoughtful in how we deploy it.”

Co-Founder and Partner Chris Buccini added “I am proud of what we have accomplished at Corten in a relatively short period of time.   The fact that we were able to exceed our fundraising target, in the face of such a challenging macro environment, is a testament to the effort and dedication of everyone associated with the Corten team.”

About Corten

Corten Real Estate is a private investment manager that targets middle-market preferred equity, mezzanine debt and joint venture equity investments in properties located across the United States. Corten’s sector expertise and ability to invest up and down the capital stack allow it to provide tailored capital solutions to operating partners and sponsors looking to execute value-added business plans. Corten has offices in the Philadelphia, PA, Wilmington, DE and Chevy Chase, MD. www.cortenrealestate.com.

 

For more information, please contact:

Stefanie Langer, COO/CCO, slanger@cortenrealestate.com