BridgeInvest banks $612M for open-ended RE credit fund

BridgeInvest's Specialty Credit Fund V pulled in more than $612 million at its second close, an open-ended vehicle that writes senior-secured loans to middle-market commercial real estate borrowers across the US. The Miami-based manager expects LP commitments to exceed $1 billion by 2027, a pace the open-ended structure makes credible by letting the fund hold capital until refinancing demand arrives rather than chase deployment.

Since launching a year ago, the fund has invested across 21 senior-secured commercial real estate credit positions in markets including Miami, New York, San Francisco and San Antonio. The mandate runs first-lien loans of $20 million to $150 million across multifamily, industrial, retail, hotel and office, with business plans from pre-development and development to cash-flowing assets.

Founder and managing partner Alex Horn framed the demand in the announcement: "The significant volume of commercial real estate debt coming due is creating a substantial financing need across the market." BridgeInvest, he said, is positioned to serve that need by providing capital to experienced borrowers as they acquire and reposition assets; the firm manages more than $1.4 billion across its platform and closed $780 million in loan transactions in 2025.

The raise lands a day after Nuveen's fourth C-PACE vintage drew insurers back to climate-linked real estate debt, keeping real estate credit one of the more active corners of private credit fundraising. A closed-end fund would face deployment pressure as commitments stack up; the open-ended vehicle can sit on its capital and wait for Horn's refinancing wave, picking first-lien loans as existing debt matures.

LPs committing to Fund V are not making a single-asset-class bet, and the breadth of the mandate — office included — says the manager is wagering on first-lien position and borrower quality rather than on multifamily or industrial turning first. With $780 million of originations last year and a $1 billion-plus target, BridgeInvest is telling LPs it can keep the fund full without lowering its $20 million floor.