Investor John Goff has established an investment fund designed to seed capital for new real estate investments.
Known as GP Invitation Fund I, the fund recently closed after a private, invitation-only campaign raised $200 million.
The fund, expected to have more than $4 billion in investment capacity, already has closed or committed to six new investments totaling about $400 million. Funds management is seeking investments in all real estate property sectors, primarily focused on properties in U.S. markets.
“The unique structure of this fund allows us to be strategic in timing, property type, and the structure in which we invest,” Goff said in a news release.
“This flexibility has been critical to our past success and is even more important given today’s market climate,” Goff said.
Managing the fund will will be resources of Goff’s two real estate firms, Crescent Real Estate Holdings and Goff Capital Partners. The fully integrated real estate investment, management and development company will operate under the name Crescent Real Estate.
Goff will serve as chairman, with longtime partners Jason Anderson and Conrad Suszynski managing the day-to-day activity of the new entity. Goff’s senior management team will serve as fund investors, with the newly announced investment fund the primary investment vehicle for Goff and his team.
Goff’s companies have ownership, investment, management and development experience spanning all real estate sectors. Combined, the entities own and-or manage more than $2.5 billion in assets, including The Ritz-Carlton, Dallas; the 530,000-square-foot McKinney & Olive office and retail development in Uptown Dallas planned to open later this summer; and 240,000 square feet of office space recently purchased in four brick-and-timber office buildings in Dallas’ Historic West End District.
Goff co-founded Crescent Real Estate Equities with the late Fort Worth investor Richard Rainwater in the early 1990s. Goff was CEO of Crescent and sold the company in 2007 to Morgan Stanley for $6.5 billion. Under Goff’s leadership, Crescent acquired or developed more than 40 million square feet of office, 12 luxury hotels and more than 17,000 residences or lots.
In 2014, Goff was inducted as a member of McCombs Business School Hall of Fame at The University of Texas at Austin and was named EY Entrepreneur of the Year for the Southwest Region in the real estate and construction category. On May 4, the North Texas Commercial Association of Realtors and Real Estate Professionals inducted Goff into the Commercial Real Estate Hall of Fame for outstanding contributions to the North Texas.