About This Fund
The ACORE Credit Partners II fund targets investments in the commercial real estate sector, focusing on transitional real estate over the next few years. The fund received capital commitments from global institutional investors including U.S. pension plans, sovereign wealth funds, and endowments and foundations. The fund closed in April 2024 with total equity commitments of about $1.4 billion.
ACORE originates, acquires and manages first mortgages, B-notes, mezzanine debt and preferred equity. The fund looked to raise between $1.25 billion and $1.5 billion and targets a net internal rate of return of 10% to 12% and a net distribution return of 8% to 10%. The fund's investments will be backed by property types such as residential, industrial and commercial buildings. ACORE Credit Partners II has so far invested in an existing portfolio of 15 performing loans, with investments made in 2022 and 2023 in a changing interest rate and real estate investment climate.