Real-estate focused Slate Asset Management, which is backed by Goldman Sachs Group Inc.’s Petershill arm, has raised nearly $600m for its first private credit fund.
The Toronto-based firm invests in real estate through private equity funds as well as publicly traded real-estate investment trusts, according to its website. Slate plans to use the capital to invest in debt, including bridge and transitional loans, and is backing its previously announced $2.33bn acquisition of Annaly Capital Management ’s commercial property business through the new fund.
Slate agreed in March to acquire the commercial property from Annaly, which operates as a mortgage real-estate investment trust based in New York. The Annaly transaction is also being backed by the Slate Grocery REIT, with that portion of the deal expected to close by the end of the current quarter.
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The firm surpassed its initial target for the new fund, Slate Real Estate Capital I, with commitments that include a preferred equity investment from Goldman Sachs Asset Management’s Vintage strategy. The New York investment bank acquired a minority stake in Slate through Petershill in 2019.
Slate began more than a decade ago as an operating partner of Blackstone in Canada and now has about $8bn in assets under management, according to a spokeswoman. The firm was founded by brothers Blair and Brady Welch and already has a special situations strategy that focuses on providing transitional financing, according to its website. But Blair Welch said the firm has largely focused on equity investments.
Source: Wall Street Journal
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