Private-investment firm Crystal View Capital has launched its third private-equity fund, Crystal View Capital Fund III LLC, which will focus on acquiring manufactured-housing communities and self-storage facilities. Open to accredited investors with a minimum $50,000 investment, the fund intends to raise $95 million. Two weeks after launch, it had raised $10 million and had an equal amount of assets under contract, according to a press release. Those deals are expected to close by March 30.
“Given the demand for our core asset classes and support of our limited partners from prior funds, we are very excited to launch our newest fund,” said Matthew Ricciardella, principal and managing partner. “Due to the performance of self-storage and manufactured housing during the COVID-19 pandemic, interest in both asset classes has been prodigious from institutional investors and all investors looking for yield. We will continue to focus on being disciplined in our underwriting and approach to building value for the fund and our limited partners.”
Crystal View has been placing greater emphasis on its self-storage investments. Its second fund also concentrated on manufactured homes and self-storage, but as of May 2019, 60 percent of the assets in the Fund II portfolio were self-storage compared to about 40 percent in Fund I.
Founded in 2014, Las Vegas-based Crystal View specializes in manufactured-housing and self-storage investments. Through its first two funds, the company has raised more than $65 million in equity capital and currently has more than $150 million of assets under management, according to its website.
PR Newswire, Crystal View Capital Announces the Launch of Crystal View Capital Fund III