Rialto Capital has raised at least $81.7 million towards an unspecified target for a mezzanine fund, according to a document filed with the US Securities and Exchange Commission Thursday.
It is unclear whether the mezzanine vehicle represents a new strategy for the firm, which closed its debut vehicle on $700 million in 2011. Including recycled capital, approximately $970 million of equity has been invested from that fund in 60 transactions, according to a report from sister publication PERE.
The Miami-based firm specialises in distressed cycle investing, according to its website, and has acquired more than $5 billion in distressed loans and properties during “this current cycle”.
The filing for Rialto Mezzanine Partners Fund lists Jeffrey Krasnoff, Jay Mantz, Eric Feder, Matt Salem, Patrick Matson, Thekla Salzman, Cheryl Baizan, Steven Engel, Mark King, Adam Singer, Anthony Seijas, Liat Heller, Brett Hersoff and John Herman as executive officers on the fund. The filing states that the vehicle has received commitments from five investors.
Rialto did not respond to a request for comment.
The Miami-based firm, a subsidiary of homebuilder Lennar, is also in the process of raising Rialto Real Estate Fund II, which held a second close on $520 million in May.