Waterfall Asset Management, a global alternative investment adviser, has closed its closed-end real estate fund, Waterfall Atlas Fund, which raised a total of $485 million in equity commitments, including through co-investment vehicles.

The fund will invest primarily in commercial real estate (CRE) equity as well as distressed loans and bonds. Atlas’s strategy builds on the firm’s experience with investing in the CRE space through debt, bonds and equity and insights gained from managing nearly $4.8 billion of its AUM in the sector as of December 2022.

“We believe we are well-positioned to capitalize on ongoing dislocations in the market, which are primarily driven by the combination of rising rates, a tightening credit market, shifting demographics, consumer preferences and over-levered assets,” comments Patti Unti, managing director and head of Waterfall Asset Management’s commercial real estate equity strategy.