Key Takeaways
- • Acore Capital held a $1.1bn (€980m) final close for its second opportunistic US real estate debt fund, Acore Opportunistic Credit II (AOC II), surpassing its $1bn target.
- • AOC II is more than four times the size of its predecessor vehicle and has already committed $400m across 14 transactions.
- • Acore is pre-marketing its third flagship fund, Acore Credit Partners III, targeting up to $2bn, anchored by a $250m commitment from the Virginia Retirement System.
- • Institutional investors including the Fresno County Employees Retirement Association committed to AOC II, and the manager cites opportunities from a significant basis reset in commercial real estate.
- • Acore's credit platform is backed by Tokio Marine, which acquired a majority stake in the manager through its Delphi Financial subsidiary in late 2025 and holds investment discretion over a $10bn-plus real estate debt portfolio.
Summary
US commercial real estate manager Acore Capital has held a $1.1bn (€980m) final close for its second opportunistic debt fund, the Acore Opportunistic Credit II (AOC II), according to IPE Real Assets. The vehicle surpasses its $1bn target and is more than four times the size of its predecessor. The manager said AOC II has already committed $400m of capital across 14 transactions. Commitments came from institutional investors including the Fresno County Employees Retirement Association.
Acore is also pre-marketing its third flagship fund, Acore Credit Partners III, which is targeting up to $2bn in capital raises. The fund is supported by a $250m anchor commitment from the Virginia Retirement System.
Warren de Haan, CEO and co-founder of Acore Capital, said the firm's experience and relationships position it to capitalise on the market opportunity created by a "significant dislocation across commercial real estate." He described the strong demand for AOC II as an endorsement of the investment case for opportunistic real estate credit and of the platform Acore has built.
Michael Romo, partner and head of global investor group, cited the diverse investor support as confirmation of the team and platform. Matthew Drummond, senior managing director and head of high yield strategies, said opportunistic real estate credit offers compelling risk-adjusted return potential, driven by a broad basis reset across asset classes. He said that in an uncertain capital markets and interest rate environment, institutional equity investors remain very selective, and that Acore's origination network and structuring expertise allow it to pursue equity-like returns at a more senior position in the capital structure.
Acore's credit platform, which includes flagship and opportunistic strategies, is backed by insurer Tokio Marine. Tokio Marine acquired a majority stake in the manager through its Delphi Financial subsidiary in late 2025 and was awarded investment discretion over a $10bn-plus real estate debt portfolio.
Acore is also pre-marketing its third flagship fund, Acore Credit Partners III, which is targeting up to $2bn in capital raises. The fund is supported by a $250m anchor commitment from the Virginia Retirement System.
Warren de Haan, CEO and co-founder of Acore Capital, said the firm's experience and relationships position it to capitalise on the market opportunity created by a "significant dislocation across commercial real estate." He described the strong demand for AOC II as an endorsement of the investment case for opportunistic real estate credit and of the platform Acore has built.
Michael Romo, partner and head of global investor group, cited the diverse investor support as confirmation of the team and platform. Matthew Drummond, senior managing director and head of high yield strategies, said opportunistic real estate credit offers compelling risk-adjusted return potential, driven by a broad basis reset across asset classes. He said that in an uncertain capital markets and interest rate environment, institutional equity investors remain very selective, and that Acore's origination network and structuring expertise allow it to pursue equity-like returns at a more senior position in the capital structure.
Acore's credit platform, which includes flagship and opportunistic strategies, is backed by insurer Tokio Marine. Tokio Marine acquired a majority stake in the manager through its Delphi Financial subsidiary in late 2025 and was awarded investment discretion over a $10bn-plus real estate debt portfolio.
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