Mandrake Capital raises $268m for maiden real estate fund

• Park Madison Partners was placement agent
• The fund had already committed $165 million of equity to eight investments across single-family build-to-rent, multifamily, office, and mixed-use real estate
• Since its formation in 2006, Park Madison has advised on over $23 billion in private capital placements

Mandrake Capital has closed its debut real estate fund at $268 million. The fund’s limited partners include institutions, family offices and high-net worth individuals.

Park Madison Partners was exclusive placement agent.

The fund will invest in 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.”

“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, in a statement. “We’re willing to do the work to find the hidden value in these deals, and historically that approach has paid off.”

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

Mandrake was founded in 2019 by Benjamin Haefele, Joseph O’Connor, and Michael Kavourias. As of March 31, 2022, Mandrake manages approximately $2.1 billion.

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.