Dune fund holds $960m final close

Dune Real Estate Partners has announced the final close of its third real estate fund, Dune Real Estate Fund III, with $960 million in capital commitments, substantially exceeding its $850 million target.

Like its predecessor funds, Fund III is focused on an opportunistic strategy concentrating on distressed, deep value-add and contrarian investments, primarily in the United States. Fund III already has projected equity commitments of $263.5 million in eight investments across the United States, including a residential portfolio in Las Vegas; a high-end Los Angeles retail portfolio; industrial properties in Oakland, Calif.; and a luxury residential development in Miami.

Dune has raised $2.5 billion of equity capital and currently manages $3.6 billion of assets. The firm raised its capital from a broad mix of institutional investors, including public and corporate pension funds, endowments and foundations, and high-net-worth families, in addition to a significa