Conversant Raises $845M for Debut Fund and Co-Investments
Conversant Capital has closed its inaugural private investment fund and related co-investment vehicles with $845 million in equity commitments, expanding its capital base for investments across real estate and real estate-related businesses.
The Conversant Private Investment Fund, or CPIF, raised approximately $705 million for its commingled vehicle, exceeding its original $500 million target by more than 40%. The remaining approximately $140 million was raised through dedicated co-investment vehicles. Conversant manages approximately $3.2 billion in assets.
Backers include sovereign wealth funds, university endowments, foundations, healthcare institutions, pension plans, asset managers and family offices. The investor group includes existing Conversant partners and new relationships, the firm said.
CPIF has made seven investments spanning senior living, scattered-site student housing, convenience retail, Class A London offices, large San Francisco hotels, digital infrastructure and opportunistic commercial real estate credit. It has fully realized one investment, although the firm did not disclose the exit’s proceeds or investment return.
“At any given time, different sub-sectors are experiencing their own distinct supply-demand imbalances and capital cycle inflection points,” founder and managing partner Michael Simanovsky said. He cited capital scarcity as a source of opportunities in growth-oriented alternative sectors and dislocated asset classes.
Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel and PJT Park Hill served as capital advisor to the Fund.