At a glance
- The sold amount equals the fund's stated minimum investment.
- Hudson filed Nov. 9 with an indefinite offering amount and a $106.1 million minimum, and reported the same $106.1 million sold.
- Entry size separates the three funds: Hudson's $106.1 million minimum takes only institutional-scale commitments, while the Ullico feeder's $1.0 million minimum puts it within reach of a family office.
Three real estate fund filings posted to SEC EDGAR this week report $191.4 million sold, led by a $106.1 million sale into Hudson Housing Tax Credit Fund CXXVII LLC. The sold amount equals the fund's stated minimum investment.
Hudson filed Nov. 9 with an indefinite offering amount and a $106.1 million minimum, and reported the same $106.1 million sold. Its first sale was Aug. 7, and Hudson Housing Securities LLC is named as placement agent.
Entry size separates the three funds: Hudson's $106.1 million minimum takes only institutional-scale commitments, while the Ullico feeder's $1.0 million minimum puts it within reach of a family office. Blue Heron has $186.1 million of its $250 million target still to place, the largest open balance of the three.
Blue Heron and Ullico are both less than halfway sold
Blue Heron Real Estate Opportunity Fund V, LP filed Nov. 6 with a $250 million offering and $63.9 million sold, about 26% of the target. Its first sale was Oct. 29, and Pickwick Capital Partners LLC is named placement agent.
Ullico Value-Add Fund I NQO Feeder Fund, L.P. filed Nov. 10 for a $51 million offering, with $21.4 million sold, about 42% of the total. Its first sale was Nov. 4, and Ullico Investment Advisors Inc. is the manager on record. The vehicle is a feeder fund.
Stated minimums run from $1.0 million at the Ullico feeder to $106.1 million at Hudson, and the three vehicles sit in different strategies: housing tax credits, value-add and opportunity-fund strategies.
Deutsche Asset Management launched European Property Debt Fund II on Nov. 9, adding a European real estate debt vehicle to the week's filings. No fund size was disclosed.
Blue Heron and Ullico, between them, have $215.7 million of their $301 million in stated offering amounts still to sell. Hudson's offering amount is indefinite, so its $106.1 million is a running total rather than a share of a target.
| Fund | Filed | Offering amount | Sold to date |
|---|---|---|---|
| Hudson Housing Tax Credit Fund CXXVII LLC | Nov. 9 | Indefinite | $106.1 million |
| Blue Heron Real Estate Opportunity Fund V, LP | Nov. 6 | $250 million | $63.9 million |
| Ullico Value-Add Fund I NQO Feeder Fund, L.P. | Nov. 10 | $51 million | $21.4 million |
Reported by the Fundraising desk from SEC EDGAR Form D filing — Hudson Housing Tax Credit Fund CXXVII LLC, SEC EDGAR Form D filing — Blue Heron Real Estate Opportunity Fund V, LP and SEC EDGAR Form D filing — Ullico Value-Add Fund I NQO Feeder Fund, L.P.. Published . Corrections