True North Management Group has raised at least $70 million towards a $650 million target for its third real estate investment fund, according to a Form D filed Tuesday with the US Securities and Exchange Commission.
True North funds typically invest in non-performing, sub-performing and distressed debt, as well as opportunistic equity and performing debt. The firm’s previous vehicle, True North High Yield Investment Fund II, closed on more than $535 million in 2010. The firm has invested approximately 75 percent of its invested capital, according to its website.
True North had not responded to a request for comment at press time.
In January, The Orange County Employees Retirement System committed up to $50 million to Fund III. The Metropolitan Government of Nashville and Davidson County Employee Benefit Trust Fund has also reportedly committed to the vehicle.
“True North has a consistent track record and they have only lost money on one deal out of the 54 deals made by the team,” according to OCERS meeting minutes. “They have managed to take advantage of the market cycles and navigate through difficult periods.”
Richard Gunthel and Paul Turovosky founded True North in 2004. The firm is headquartered in White Plains, New York.