Bridge Investment Group Partners (Bridge-IGP) has launched ROC Debt Strategies Fund II, according to documents filed with the US Securities and Exchange Commission.
The fund is targeting $500 million in capital commitments and a hard cap of $750 million, as did its predecessor fund, ROC Debt Strategies Fund.
Bridge-IGP launched its debt group, ROC Debt Strategies Fund Manager, in July 2014, at the time hiring a group of former senior members of Morgan Stanley’s real estate loan desk, including James Chung as CIO.
The platform announced at the end of last year that it had secured $210 million in equity commitments. As of March of this year the first debt fund, launched in September of 2014, had raised $400 million between the main fund and parallel vehicles, sources confirmed.
Bridge-IGP’s debt investments include first mortgage and mezzanine loans supporting multifamily, office, medical and senior living assets, as well as Freddie Mac K Series multifamily CMBS subordinated tranches.
Through Q1 of this year the group has made 14 investments, of which six were invested Freddie Mac K-Series instruments, aggregating to $341 million, sources said.
In addition to its debt funds, the firm manages a family of equity funds targeting the multifamily and commercial office sectors; two of them, launched in 2009 and 2012, are fully funded and deployed, while the third was incepted in Q1 of 2015.
A family of senior housing funds, Seniors Housing Fund Manager, was launched in Q3 of 2013 to invest in senior housing and medical property assets.
Update: The dollar amounts of funds raised and invested through Bridge-IGP’s debt funds have been updated.