Global private equity and venture capital news and research

Madison beats target for fifth fund

3 Apr 2014

real estate_lrgReal estate-focused private equity firm Madison International Realty has beaten the target for its fifth fund, which is already 40 per cent invested.

Madison International Real Estate Liquidity Fund (MIREF) V has held a final close on $825m, exceeding its $750m target.

The firm is focused on acquiring partial ownership and joint venture interests in properties and real estate portfolios in the US, the UK and Western Europe.

MIREF V has invested in One California Plaza in Los Angeles and the Saks Fifth Avenue retail store in Union Square in San Francisco.

Its international portfolio includes Songbird Estates, which controls London’s Canary Wharf, the New Century House office building in Dublin and the Statoil Office Complex in Oslo.

In June last year AltAssets reported that the fund had gathered $539m from 73 LPs.

Madison founder and president Ronald Dickerman said, “We are very pleased with the robust and broad support we received from investors around the world who continue to find our unique class A, direct secondary strategy both differentiated and compelling. Madison V is our third consecutive fund to be oversubscribed.

“Our success in this latest capital raise underscores our continued ability to source, underwrite and execute on investments which deliver an asymmetric risk/return in the class A real estate space.”
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