Gerding Edlen's Green Cities fund raises another $5M
By Wendy Culverwell
Portland Business Journal
Gerding Edlen Development’s investment arm has raised an additional $5.45 million for its Green Cities I LP fund.
Portland-based Gerding Edlen launched the private equity fund in December to acquire commercial real estate at bottom-of-the-market prices. The latest investment brings the fund total to $45.45 million, according to a document filed July 6 with the U.S. Securities and Exchange Commission.
To date, five investors have joined the fund, which requires a minimum investment of $5 million. The fund is managed by Mark Edlen, a principal with Gerding Edlen as well as CEO and director of Gerding Edlen Fund Management LLC, along with COO Kelly Saito, Secretary Roger Krage and Controller Dan Rinella.
Gerding Edlen officials have declined to discuss the fund, citing SEC rules against promoting investments during active fundraising. The firm expects to close on its first acquisitions by mid to late summer.
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