Real estate private equity firm TriGate Capital LLC has closed a $324.2 million fund, surpassing a $300 million target.
The fund, called TriGate Property Partners II LP, will invest in commercial real estate recapitalization deals. The firm is looking to invest between $5 million and $20 million in deals through the fund. Investors include the San Francisco Employees’ Retirement Systems, the California State Teachers’ Retirement System and the Teacher Retirement System of Texas.
The firm’s first fund closed with $120 million in 2007 with California State Teachers’ Retirement System (CalSTRS) as the only investor. The firm has invested $27 million in a retail complex in Phoenix, a business center in Richmond, Va., and an office building in Tampa.
In July, the company teamed up with real estate company Campanelli to purchase two vacant office buildings in Quincy for $16.3 million.
Dallas-based TriGate focuses on acquiring real estate secured debt, providing capital for asset and company recapitalizations, and acquiring real estate assets.
Park Madison Partners led the fundraising process.