Fir Tree Partners Closes Real Estate Fund III, Oversubscribed

NEW YORK, Sept. 23, 2014 /PRNewswire/ -- Fir Tree Partners, a private investment firm with approximately $13 billion of capital under management, today announced the final close of its Real Estate Fund III ("Fund III"). The Fund was oversubscribed with more than $750 million in committed capital. 

Fir Tree's real estate funds invest in assets and companies through debt and equity across both private and public markets. Fir Tree has invested in real estate since the firm's inception in 1994 and launched the first in a series of dedicated real estate funds in 2008.  The firm's first two real estate funds have fully returned capital to investors and currently are distributing profits. 

Jarret Cohen, Head of Private Real Estate at Fir Tree, described the firm's approach: "We have a broad mandate to find value, so we try to be flexible as opportunity sets change.  Many themes that were attractive a year ago are now much more competitive, so the ability to turn away from an over-priced sector and be creative in the search for value is an advantage." 

Fund III is half-way through its investment period and is more than 75 percent invested. The portfolio includes investments in energy infrastructure, cell towers, self-storage and distribution facilities, as well as residential mortgage bonds, non-performing loans, and investments in catalyst-driven public equities that offer access to underlying assets at discounts to private market values. 

Summarizing Fund III's capital deployment, Mr. Cohen said, "While we've done a select number of value-added deals in traditional sectors, we've also found real estate opportunities in non-real estate sectors. These areas are especially appealing because competition is thinner, drivers are diverse, and we can generate attractive returns with less leverage or basis risk."

About Fir Tree Partners
Fir Tree was founded in 1994 and is a New York-based private investment firm that invests worldwide in public and private companies, real estate, and sovereign debt. Fir Tree manages assets on behalf of leading endowments, foundations, pension funds, and sovereign wealth funds.

SOURCE Fir Tree Partners