The Davis Companies said it has completed fund raising for its second discretionary commingled investment vehicle, Davis Investment Ventures Fund II, with nearly $414 million of total commitments from institutional and high net worth investors.
The offering initially targeted $350 million and was oversubscribed, the real estate investment firm said.
The fund aims to continue the firm's history of value-oriented, opportunistic investing, and looking for debt and equity investments in the United States with a focus on Northeast markets where the firm can leverage its operating platform, Davis said.
The firm added that it currently owns and manages nearly 6 million square feet of real estate in the region with a 95 percent occupancy rate, and has acquired an additional $700 million of real estate debt, equity and securities within the last two years.
Fund II is fully discretionary and has four years remaining in its investment period. The fund is structured to allow joint ventures with outside capital sources seeking to partner with operating companies, as well as with other operators seeking capital or additional operating expertise and to provide recapitalization and bridge financing, the firm said.
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