Mandrake Capital Real Estate Fund closes $268 million

Park Madison Partners served as the exclusive placement agent

NEW YORK, July 21, 2022 (GLOBE NEWSWIRE) -- New York-based Park Madison Partners today announced the final close of Mandrake Capital Real Estate Fund, LP (the “Fund”), with $268MM of total commitments. This is Mandrake’s first discretionary commingled fund, and limited partners include a diverse group of institutions, family offices, and high net worth individuals.

The Fund intends to pursue real estate investment opportunities with situational dynamics and capital market inefficiencies, which Mandrake believes provide opportunities to acquire assets at discounts to their fair or efficient value. The Fund’s investment parameters will be largely unconstrained, following a bottom-up approach with the ability to opportunistically source investments across property types, geographies, and execution strategies.

“We look for deals that don’t fit neatly within a standard ‘bucket,’ perhaps due to the property type, business plan, or misunderstood risk factors,” said Joseph O’Connor, Managing Partner of Mandrake. “We’re willing to do the work to find the hidden value in these deals, and historically that approach has paid off.”

“When COVID-19 hit, we had no way of knowing how real estate markets would be affected or what the world would look like once the pandemic was over,” said Park Madison Partners’ Rob Kohn. “But we were confident that Mandrake was the right manager for the times. They have a strong track record of being nimble and uncovering deep value opportunities across the risk spectrum. We are glad we had the opportunity to partner with them on this capital raise.”

As of the final close, the Fund had already committed $165MM of equity to eight investments across single-family build-to-rent, multifamily, office, and mixed-use real estate.

About Mandrake Capital Partners

Mandrake was founded in 2019 by Benjamin Haefele, Joseph O’Connor, and Michael Kavourias (the “Principals”) with the goal of capitalizing on the ever-changing landscape of opportunistic real estate investing in the US. The Principals previously led the US real estate investment activities of York Capital Management, as well as the real estate investment activities in the US and Western Europe of Gerard Alexander Holdings. During their tenure at York and GA Holdings, the Principals led the acquisition and development of approximately $3.0B of real estate investments, which they continue to manage. As of March 31, 2022, Mandrake manages approximately $2.1B.

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About Park Madison Partners

Park Madison Partners, LLC is a New York-based capital solutions provider for global real estate alternative investments. Since its formation in 2006, Park Madison has advised on over $23 billion in private capital placements for a wide range of real estate vehicles including closed-end funds, open-end funds, separate accounts, programmatic joint ventures, and recapitalizations. The team comprises professionals from diverse backgrounds on the buy-side and sell-side and leverages this experience to offer Park Madison’s clients highly customized solutions across global real estate capital markets.

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