A Houston-based investment manager focused on multifamily development raised hundreds of millions of dollars for its second fund. Marble Capital LP closed its second fund at $250 million, exceeding the fund's initial target of $150 million, according to a Dec. 18 press release. Marble Capital's first fund closed two years ago at $100 million. Marble Capital primarily provides preferred equity to experienced developers in U.S. growth markets, the release notes. [...]

Marble Capital last week wrapped up its second value-added fund with $250 million of equity - $100 million more than the target. The Houston investment manager is shooting for a 12-14% return by supplying capital to multi-family developers. It typi­cally provides preferred equity with coupons of 13-15%, but also invests in common equity. The manager kicks in $5 million to $20 million on indi­vidual projects, with the developer retaining a minority stake. [...]