Bridge Investment Group Partners (Bridge-IGP) has secured $362 million in equity commitments for its debt-focused subsidiary fund manager.
The ROC Debt Strategies Fund Manager will use the funds to advise pooled investment vehicles and separately managed accounts, which invest in Freddie Mac K-Series securities, floating rate loans, mezzanine loans and preferred equity on multifamily, office and senior housing.
James Chung, CIO at ROC Debt, said in prepared remarks that investors value his group’s approach to sourcing investments and managing risk, especially in the low interest rate environment.
Dean Allara, vice chairman at Bridge-IGP, added: “the combination of a national footprint and highly developed local real estate knowledge, coupled with the credit market and structuring expertise of Jim Chung and his team offer a differentiated approach to a complex market offering meaningful opportunity.”
This May, Bridge-IGP launched ROC Debt Strategies Fund II targeting $500 million in capital commitments and a hard cap of $750 million, as did its predecessor fund, ROC Debt Strategies Fund.
ROC Debt launched in 2014 and its principals include former senior members of Morgan Stanley’s Commercial Real Estate Lending Group, including Chung. The platform has a total of $297 million in investments as of March 31, 2016.
Bridge-IGP and its affiliates manage approximately 32,700 multifamily housing units, 6,000 senior housing units and 2.6 million sq ft of commercial office space through private equity funds, separately managed accounts, co-investments, and joint ventures. The investment adviser has $6.7 billion assets under management.