PHILADELPHIA, PA — Corten Real Estate Management LLC announced the final closing of its second commingled fund, Corten Real Estate Fund II LP, along with a discretionary co-investment sidecar on March 28, 2024. Combined commitments reached $283 million, surpassing the $250 million target. Investors included public pension plans, Taft-Hartley plans, foundations, endowments, and major family offices.
Almost all limited partners from Corten’s first fund recommitted to the second, and new institutions and individuals also joined. GCM anchored the fundraising effort and provided full capitalization for the sidecar.
Since its inception in 2018, Corten has developed multiple funds, separately managed accounts, and single asset co-investment vehicles. Major consulting firm clients have supported these offerings. By the end of Q1 2024, Corten’s regulatory assets under management exceeded $500 million.
Managing Partner P.J. Yeatman highlighted the firm’s focus on strong relationships. “We have spent the past six years establishing our investment management business by focusing on cultivating relationships with partners, both investors as well as operators, who understand the nuances of our strategy and appreciate the way in which we conduct our business,” he said.
Co-Founder and Partner Chris Buccini expressed pride in the firm’s achievements. “The fact that we were able to exceed our fundraising target, in the face of such a challenging macro environment, is a testament to the effort and dedication of everyone associated with the Corten team.”
Corten’s success in exceeding its fundraising target highlights the trust and confidence investors have in the firm’s strategic approach and execution. The company’s commitment to thoughtful capital deployment continues to attract significant investor support, reinforcing its growth trajectory in the real estate market.
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