Locust Point Capital Closes $668M Senior Housing Fund
Commitments mark a 56 percent increase from the firm's previous fund.
Locust Point Capital has completed the final close of its Locust Point Private Credit Fund III, securing $668 million in total commitments.
Locust Point concentrates solely on the senior housing and care industry. The credit investment company’s lending footprint is national, with strong presences in Florida, Virginia, North Carolina, Washington, Oregon and Kansas, among others.
The firm’s latest fundraising effort represents a 56 percent growth compared to its previous fund of $428 million, which followed the investment vehicle’s $312 million debut in 2016.
Since its inception in 2015, Locust Point raised over $1.6 billion across its investment vehicles. The company remains one of the few credit platforms focused solely on the senior housing sector.
Fund investors
Once again, Locust Point’s investment vehicle attracted the participation of existing limited partners, as well as the attention of new institutional investors.
At the beginning of this year, The Los Angeles Fire & Police Pension System approved $382.2 million in commitments across one private credit and six private equity funds. Locust Point’s Fund III received a $30 million investment, as reported by Private Equity Insights.
In March, Los Angeles Water and Power Employees Retirement Plan made a $75 million commitment to Locust Point’s credit fund. According to IPE Real Assets, the pension fund committed $65 million from its Retirement Fund and an additional $10 million from its Retiree Health Benefits Fund.
