Brickman has raised at least $103.5 million for its sixth fund, according to a Form D filed with the US Securities and Exchange Commission. The filing did not disclose a target for Fund VI.
Brickman invests in performing, sub-performing and non-performing debt, distressed properties and value-added properties, according to its website, typically in major markets such as Boston, New York City and Washington, DC. The firm typically provides $5 million to $25 million per investment and targets returns in the mid-to-high teens.
The firm closed its fifth fund in 2010 with approximately $225 million in capital commitments. Brickman’s website describes that vehicle’s strategy as being “value-added debt/distressed”. Through the first quarter or 2013, Fund V’s assets included three equity investments and four debt investments, which included mezzanine loans and senior loans on office and residential properties.
Laura Godfrey Guttman, who heads the firm’s investor relations effort, had not responded to a request for comment at press time.
Brickman was founded in 1992 by Bruce Brickman and Kathy Corton. As of 31 December, 2012, Brickman had invested $3.4 billion across 78 opportunistic, value-added, core-plus, debt and equity investments.