US firm launches Australasia-focused real estate fund
LA-based Jumpstart Capital Partners is to launch a PE real-estate focused unit that will initially target distressed and undervalued property-related investments in Australia and New Zealand.
According to the firm, the division, Jumpstart Equity Partners, will concentrate on distressed debt, mezzanine loans, secondary opportunities, preferred equity and joint venture equity investments ranging from $10-$50 million. Its Australasia operations will be based in Sydney, and its LPs will be US-based in an effort to give American investors the exposure of an overseas, mature market. The firm added that Australasia is a "region that demonstrates economic stability, sustained population growth and strong market fundamentals, but continues to be encumbered by a tightened supply of credit following the global financial crisis."
Earlier this month, AVCJ reported that more than A$13 billion ($13.2 billion) of senior and subordinated debt in Australia will be maturing from the fourth quarter of 2012 through full year 2013, creating opportunities in the market's distressed space.
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