DALLAS, Dec. 4, 2019 /PRNewswire/ -- Prescott Group ("Prescott" or the "Company") is an owner, operator, investor and developer of commercial real estate with an investment focus in the United States. The Company is pleased today to announce the closing of their first private equity fund vehicle. Prescott Strategies Fund I ("Fund" or "PSFI") closed fundraising on October 31, 2019 with a combined General Partner and Limited Partner commitment amount of $63.4 million.
PSFI received commitments from a diverse group of 17 investors including private pension plans, wealth managers, prestigious family offices and accredited individuals. The Fund's investors are located throughout the U.S. and abroad. The Fund will opportunistically invest in real estate from both a debt and equity position, with a focus on distressed and value add investments. At the closing, the Fund is 40% deployed into 12 investments.
"The closing of Prescott Strategies Fund I marks the first of what the firm hopes to be a succession of follow-on funds," said Jud Pankey, Founder and Chief Executive Officer of Prescott Group. Pankey continued, "As a prudent fiduciary of capital, we are seeking opportunities to strategically allocate the remaining committed capital into investments that suit our strategy and deliver superior risk adjusted returns to our limited partners."
Prescott Group was founded in 1996 by Jud Pankey, currently serving as Chief Executive Officer, and Vance Detwiler who currently serves as President. Over the course of the 24 years in operation, the Company has invested in and managed numerous commercial real estate properties on behalf of large institutional investors. Jud and Vance's combined experience and leadership has navigated the Company through several real estate cycles. The decision to expand Prescott Group's management team and business with the addition of Senior Managing Director Richie Butler resulted in the launching of Prescott Advisors, the investment advisor to the Fund. In addition, Prescott Group acquired the debt servicing company, Dyck O'Neal Inc. in 2013. The acquisition of Dyck O'Neal and the launch of Prescott Advisors allows the Company to strategically pivot operations and realize full use of all business capacities as the real estate cycles change.
About Prescott Group
Prescott Group is a diversified, vertically integrated real estate investment, debt resolution and asset management firm. Prescott Group is comprised of Prescott Realty Group, a full-service real estate operating company, specializing in commercial developments and redevelopment projects, Prescott Advisors, LLC the investment advisor to the Fund, and Dyck O'Neal Inc., a nationwide purchaser and servicer of real estate loans.
The company website can be found at www.prescottgroup.com.
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SOURCE Prescott Group