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Compass Real Estate Fund III LLC completes first closing | Business

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Compass Real Estate Fund III LLC completes first closing
Compass Real Estate Fund III LLC completes first closing

ROSWELL, Ga. -- Compass Real Estate Fund III LLC (“Compass Fund III”), the third private equity real estate investment fund formed by Compass Real Estate (“Compass”), had its first closing in December 2013. The closing enables the fund managers to begin deploying capital from this fund immediately.

“We have a proven track record of providing co-investment equity for commercial real estate acquisitions, developments and recapitalizations in major markets throughout the United States,” said Robert (“Bob”) F. Godard, founder and chief executive officer of Compass, and the managing member of Compass Fund III. “Our third fund allows Compass to continue our transition from being a successful sponsor to being a source of capital for other successful sponsors. We look forward to finding the right opportunities for our investment capital and to forming long-term partnerships with great sponsors.”

Compass Fund III broke escrow after raising nearly half of its $25 million target fund size in the last few months of 2013. Compass will continue to raise capital for this fund throughout 2014 as it looks to deploy all of this capital by the end of 2015. Investment banking firm U.S. Strategic Capital is acting as placement agent for the fund. To date, the fund’s capital has been supplied by a number of investment companies, high-net-worth individuals and family offices.

Compass currently manages three private equity real estate investment funds known as Compass Alpha Fund LP, Compass Phoenix Fund LP and Compass Fund III. Both the Alpha Fund and the Phoenix Fund are closed to new investors, have fully deployed their capital, and are focused on asset management and harvesting activities. 

Compass is managed by a team of industry veterans with broad and deep real estate investment, development and finance experience. Its investment committee includes Bob Godard and six outside directors, including Bray Deavours, Bryan Fields, Art Freeman, Brooks Patterson, Robert Ullmann, and Derek Cunningham. The fund’s board of advisers also includes Jeff Boutwell, Gil Burstiner, Steve Gertz, Billy Lovett, John Steiner, and Hunter Williams. All of the members of the investment committee and the board of directors are significant investors in Compass Fund III.