Waterfall wraps up real estate fund at $485m

Waterfall Atlas Fund's investors include pensions, institutions, family offices and high-net worth individuals.

  • The fund invests in commercial real estate equity as well as distressed loans and bonds
  • Waterfall initially launched its CRE equity strategy in 2017 led by Patti Unti and Zachary Liebmann
  • Waterfall Asset Management manages about $11.6 billion in assets under management, as of January 31, 2023

Waterfall Asset Management has closed its real estate fund at $485 million.

Waterfall Atlas Fund’s investors include pensions, institutions, family offices and high net worth individuals.

The fund invests in commercial real estate equity as well as distressed loans and bonds.

Waterfall initially launched its CRE equity strategy in 2017 led by Patti Unti and Zachary Liebmann, and has invested $499 millionacross 33 assets. So far, Waterfall has deployed $172 million of the fund’s capital across 18 assets.

On the fundraising, Tom Capasse, managing partner and co-founder of Waterfall Asset Management said in a statement, “Under Patti’s leadership, Waterfall’s commercial real estate platform has grown considerably, and the closing of the Atlas Fund marks another important milestone. This strategy is a key part of our vision to build on our differentiated expertise and deliver value for clients in asset classes where we are well-positioned, thanks to our analytical, structuring and trading abilities and our collaborative, inquisitive culture.”

Based in New York City, Waterfall Asset Management manages about $11.6 billion in assets under management, as of January 31, 2023. The firm was founded in 2005.