ACORE Capital has raised $1.1bn for its second opportunistic credit fund, more than quadrupling its predecessor. The fund targets financing opportunities created by property market dislocation.
Ares held a first close of more than $8bn in equity commitments across its latest US senior direct lending program, combining Fund IV and the open-ended Core vehicle. The first close is 80% of target and about 60% larger than the prior vintage's first close.
Locust Point has lined up nearly $200 million in commitments for Locust Point Private Credit Fund IV, which targets senior housing senior debt, subordinated debt and preferred equity.
Tritax London Logistics Fund raised £400m ($532.9m) in new equity, bringing fund value to about £1.07bn as of Q3 2026. Overseas investors now make up 70% of capital, and the fund targets £1.5bn by 2028.
An evergreen fund has no fixed end date and lets investors join and redeem on a regular schedule, often quarterly, instead of locking money up for a decade.
An interval fund is a registered closed-end fund that offers to buy back a set share of its shares, between 5% and 25%, at regular intervals such as quarterly.
A distribution waterfall is the order a fund pays out proceeds: investors’ capital, then the preferred return, then the manager’s catch-up, then the split of what remains.
A hurdle rate, or preferred return, is the minimum yearly return, often 8%, that investors must receive before the manager can start earning carried interest.
A blocker is a corporation placed between certain investors and an investment, so those investors, often tax-exempt or foreign, receive dividends instead of pass-through business income.
An SPV, or special purpose vehicle, is a separate legal entity set up to hold one investment or deal, keeping its assets and liabilities apart from the sponsor’s.
Net asset value, or NAV, is a fund’s assets minus its liabilities. In private funds it is usually reported quarterly and rests on the manager’s valuations.