Rockbridge Fund VI Closes; Exceeds Target by $88M

COLUMBUS, OH—In what may be construed as a sign of the times in the lodging industry, private-equity firm Rockbridge closed its Rockbridge Hospitality Fund VI LP with $438 million of committed capital, exceeding its original fund target of $350 million.

Jim Merkel, Rockbridge president/CEO, indicated the response came from both existing and new institutional investors.

Fund VI represents a diverse capital base, including pension funds, insurance companies, endowments/foundations, family offices and international investors. It will make investments in hotels in the United States and has already closed on 11 investments, representing $131 million of capital commitments and $515 million of total capitalization in eight states thus far, according to the company.

“We could not be happier with the quality and sophistication of our Fund VI investors,” noted Brett Alexander, Rockbridge managing director of capital markets. “We look forward to building long-term relationships with them and taking advantage of the opportunity in front of us.”

Triton Pacific Capital served as the exclusive placement agent for Fund VI and Morrison and Foerster, LLP, acted as legal counsel.