AECOM-Canyon Partners Raise $500 Million for Flagship Fund

October 28, 2019 | Hedge Funds, Investments, News

A Partnership for New Real Estate Projects

AECOM-Canyon Partners has closed a $500 million fund. The fund is a joint venture between the AECOM and California-based hedge fund Canyon Partners.

In a statement, AECOM chairman and CEO Michael Burke said the fund received an “overwhelmingly positive response.” Burke cited optimism over AECOM-Canyon partnership given the significant reach of both companies.

AECOM Capital, the parent firm’s investment arm, has developed 11 million square feet of real estate worth $4.5 billion. Canyon Partners has about $25 million in AUM.

AECOM-Canyon Partners Deal

The companies announced the new deal in February. The companies plan to blend Canyon Partners’ investment background with AECOM’s commercial real estate expertise.

The firms plan to target investment opportunities in the top 25 U.S. markets. The venture will cover property opportunities including multifamily, mixed-use, office, hospitality, industrial, and student housing.

“We see substantial demand for core assets from institutional capital sources, but higher barriers to developing large scale projects. This partnership is designed to create high quality assets in major markets across the country that offer buyers the stable income they are seeking in today’s low yielding world,” said Josh Friedman, Canyon’s Co-Founder, Co-Chairman, and Co-CEO.

So far, the two firms have invested in a variety of projects. Projects include a 519,000 square-foot facility in Culver City, California. In addition, the projects include a 525-unit luxury multifamily project in Washington D.C. and a Hotel Nia in Menlo Park, California.

[Related: Two Private Equity Firms Buy Management Services Arm of AECOM]

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