ACORE closes first commingled fund on $556m – Exclusive

The California-based firm secured commitments from a variety of global investors.

ACORE Capital has closed its first discretionary commingled fund on $556 million, PERE has learned.

Launched in May 2015, the California-based group has originated $16 billion in loans, relying solely on separate account capital. Fundraising for ACORE Credit IV began a year and a half ago to broaden its investor pool, managing partner Boyd Fellows told PERE.

“The primary reason we went on the fundraising trail for a commingled fund was to diversify our investor base,” Fellows said. “We have quite a large separate account business. However, many investors prefer to invest via commingled funds.”

ACORE Credit I, II, III and V are all separate account vehicles. Funds I, II and V are all between $1 billion and $2 billion while Fund III is in the multiple billions, PERE understands. SMA clients include Delphi Financial Group, a wholly owned subsidiary of the Tokio Marine Group – the largest publicly traded insurance company in Japan – which has made three commitments of at least $1 billion each with ACORE. The firm’s other SMA client is a large US insurer.

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