Rockbridge has completed the final closing of its most recent value-add flagship fund, Rockbridge Hospitality Fund VIII L.P. at $431 million of investor commitments, surpassing its target of $425 million.
Fund VIII was backed by both long-standing investors and select new investors, including pension funds, foundations, endowments, insurance companies, asset managers and private capital from family offices and high net worth investors.
Similar to Rockbridge’s seven flagship funds, Fund VIII makes hospitality-focused real estate investments in the U.S. and built an attractive pool of investments since the beginning of 2021. To date, Fund VIII has made investments in 29 hotels, committing nearly $300 million of fund capital in both opportunistic debt and equity investments. Rockbridge and Fund VIII continue to have an active pipeline with several additional investments in closing or under control. The company expects to deploy Fund VIII’s remaining capital in the next 12 months and then be back in the market with its next flagship fund.
“Fund VIII will benefit from our continued investment in the team and platform,” said Jim Merkel, CEO, Rockbridge. “Our 23+ year strategy works. We are pleased with the portfolio we have built to date and expect the disruption in the market to continue to produce even more opportunities for us.”