Waterfall Closes CRE Equity and Debt Fund at $485M
Waterfall Asset Management, a global alternative investment manager, has wrapped up its closed-end real estate fund, Waterfall Atlas Fund, raising $485 million, including through co-investment vehicles.
The fund will invest primarily in commercial real estate (CRE) equity as well as distressed loans and bonds.
Led by Patti Unti, managing director and head of Waterfall’s commercial real estate equity strategy, and Zachary Liebmann, Waterfall initially launched its CRE equity strategy in 2017 and has invested $499 million across 33 assets. The firm has already deployed $172 million of the fund’s capital across 18 assets.
On the fundraising, “We believe we are well-positioned to capitalize on ongoing dislocations in the market, which are primarily driven by the combination of rising rates, a tightening credit market, shifting demographics, consumer preferences and over-levered assets,” said Unti.
Founded in 2005, New York-based Waterfall manages approximately $11.6 billion in assets, with nearly $4.8 billion in the CRE space.