Ohio-based RockBridge has closed its Hospitality Fund VI on $438 million. The fund beat its original target of $350 million.
The fund had $398 million raised as of October according to SEC filings, and looked like it would be going for $450 million after revising its target to $400 million. The close announced today represents a final close.
The fund was launched in May of last year.
Fund VI will make investments in hotels in the United States and has already closed on 11 investments, representing $131 million of capital commitments and $515 million of total capitalization, in eight states to date.
Investors in the fund include pension funds, insurance companies, endowments and family offices.
Triton Pacific Capital served as the exclusive placement agent for Fund VI and Morrison and Foerster LLP acted as legal counsel.
“We are very pleased with the positive response from both existing and new institutional investors,” said Jim Merkel, Rockbridge president & CEO.