Atalaya raises inaugural real estate PE fund

New York-based Atalaya Capital Management held the final close of its first-ever real estate private equity fund, Atalaya Commercial Real Estate Fund (ACRE) I, which closed at more than $100 million.

“We’re thrilled to see support from both first-time and long-standing limited partners for our first real estate private equity fund,” said Young Kwon, head of Real Estate at Atalaya. “Despite ongoing challenges presented by the pandemic, we made substantial progress in investing across multi-family, industrial, office and hospitality assets. We look forward to continuing this momentum.”

Kwon joined Atalaya in 2016 after spending seven years at Apollo Global Management as managing director and portfolio manager with a focus on a variety of equity and credit-related assets, including CMBS trading and investing and consumer ABS.

The new ACRE fund is set to invest in real estate sponsor equity across multi-family, industrial, office and hospitality. The fund will target opportunities alongside institutional quality sponsors within secondary markets and gateway cities.

The private equity component of the strategy has the Atalaya team partnering with developers and operators, leveraging the firm’s operational and capital markets expertise to support the projects’ success.

Officials at the $6 billion firm said that ACRE complements the firm’s existing real estate strategies across real estate equity, preferred equity, construction financing, mezzanine financing and loan pool purchases.

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