BrickVest, Venn deal falters on fund close

A partnership allowing clients of online real estate investing platform BrickVest access to a debt fund offered by Venn Partners has failed to come to fruition, according to Real Estate Capital’s sister publication, Private Debt Investor.

BrickVest confirmed to PDI that it was unable to invest in the offering as it held a final close before the platform had raised the requisite amount needed for a commitment.

Emmanuel Lumineau, CEO and founder of BrickVest, told PDI that Venn had held a final close on its commercial real estate offering, Venn Partners Commercial Real Estate I. Due to an “accelerated timeline”, his firm was unable to participate in the close.

BrickVest, a platform allowing accredited investors greater access to real estate investments, announced it had forged a partnership with Venn in March this year. Through the partnership, investors without the means to meet the minimum investment for Venn’s fund would be able to pool their investment to gain access to the fund.

Lumineau added that his firm had seen interest from clients regarding investing in a real estate debt fund. BrickVest will look to partner with Venn in the future while also exploring the possibility of other debt offerings, he added.

“We are very supportive of the BrickVest platform,” Paul House, managing partner at Venn, told PDI in a statement. “Due to the Fund closing timelines we were unfortunately unable to accommodate BrickVest investors, but look forward to working with them in the future.” He declined to provide further detail on the close of Venn’s fund.

At the time of its previous close in April 2016, Venn’s commercial real estate product had £185 million (€219 million, $239 million) in raised capital.