Key Takeaways
- • Rialto Capital has attracted total commitments of $823m (€755.3m) for Rialto Real Estate Fund V Debt, according to an SEC filing reported in the prior month.
- • The Los Angeles Water and Power Employees Retirement Plan disclosed a $75m commitment to the fund, its first-ever commitment to Rialto, funded by $60m from its Retirement Fund and $15m from its Retiree Health Benefits Fund.
- • The fund's fundraising target has not been disclosed, and its predecessor fund raised $1.9bn at its close in September 2021.
- • The opportunistic vehicle is expected to focus primarily on US assets across debt-backed securities, senior secured and subordinated loans, preferred equity, and high-yield real estate credit.
Summary
Rialto Capital has attracted total commitments of $823m (€755.3m) for its Rialto Real Estate Fund V Debt, according to an SEC filing reported by IPE Real Assets. The fundraising target for the vehicle has not been disclosed.
The Los Angeles Water and Power Employees Retirement Plan recently disclosed in a meeting document that it committed $75m to the fund. The commitment was split between a $60m investment from the pension's Retirement Fund and $15m from its Retiree Health Benefits Fund. The allocation marks the pension fund's first-ever commitment to Rialto.
The predecessor fund in the series raised $1.9bn in total at its closing in September 2021, providing a reference point for the scale of the current vehicle. According to LA Water and Power, the opportunistic fund is primarily expected to target US assets.
The strategy will employ a range of investment structures, including real estate debt-backed securities, senior secured and subordinated real estate loans, preferred equity, and other high-yield debt. Investments will include standalone, portfolio and platform-based real estate credit positions as well as asset-backed real estate financings. Rialto did not respond to a request for comment.
The Los Angeles Water and Power Employees Retirement Plan recently disclosed in a meeting document that it committed $75m to the fund. The commitment was split between a $60m investment from the pension's Retirement Fund and $15m from its Retiree Health Benefits Fund. The allocation marks the pension fund's first-ever commitment to Rialto.
The predecessor fund in the series raised $1.9bn in total at its closing in September 2021, providing a reference point for the scale of the current vehicle. According to LA Water and Power, the opportunistic fund is primarily expected to target US assets.
The strategy will employ a range of investment structures, including real estate debt-backed securities, senior secured and subordinated real estate loans, preferred equity, and other high-yield debt. Investments will include standalone, portfolio and platform-based real estate credit positions as well as asset-backed real estate financings. Rialto did not respond to a request for comment.
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