Temerity Strategic Partners, a Chicago-based real estate private equity firm that industry veterans Bruce Cohen and Jeff Citrin formed in 2022, announced the final close of its inaugural investment partnership, Temerity Strategic Partners Fund, L.P.
TSP’s targeted and differentiated investment strategy identifies best-in-class, scaled, focused, and vertically integrated owner-operators across the United States and supports their growth with co-investment capital and other resources.
The Fund secured more than $175 million in commitments from over 50 institutional and private investors, and together with sidecar co-investment vehicles, expects to collectively capitalize $250-$300 million of aggregate co-GP equity investment activity during the Fund’s investment period. The Fund’s limited partners include numerous real estate industry leaders, family offices, and institutional investors, including an anchor commitment from one of the largest public pension plan sponsors in the United States.
Through the Fund, TSP has already consummated programmatic commitments to Ashcroft Capital, an owner, operator, and manager of multifamily communities throughout the Sun Belt region with a significant track record of executing value-add business plans; DLC, one of the nation’s largest private owners operators of open-air retail centers; and a prominent owner operator based in Manhattan with a long track record focused on the acquisition of multifamily properties in New York City. TSP anticipates that the Fund, together with sidecar vehicles, will execute programmatic commitments to two to four additional platforms consistent with TSP’s goal of partnering with accomplished operators in the right property sectors, with demonstrated competitive advantage, and which are attractive to institutional capital.
“In an uncertain environment, we achieved the trust of a distinguished group of institutional and private investors that are supporting our inaugural fund. We are grateful for this vote of confidence and are focused on unlocking investment opportunities that provide robust risk-adjusted returns for our investors,” said Bruce Cohen, TSP’s Co-Founder and Chief Executive Officer.
Jeff Citrin, TSP’s Co-Founder and Executive Chairman added, “Temerity Strategic’s programmatic commitments to best-in-class owner-operators are designed to enhance each sponsor’s strengths and domain expertise, enabling them to scale quickly and execute on their sizable acquisition pipelines. For our investors, the rigor that forms the basis of our programmatic ventures will enable us to be aligned and thoughtful stewards of their capital.”
