Northwind Group has announced the final close of Northwind Debt Fund III with 1 billion dollars in committed capital, doubling its 500 million dollar target and making it the largest fund in the New York firm’s history. Founder and managing partner Ran Eliasaf called the close a defining milestone and said the raise was completed entirely in house, without a third party placement agent.
The fund continues Northwind’s flagship real estate credit strategy, launched in 2017, originating senior secured bridge loans across major US gateway markets for acquisition, bridge, condo inventory, construction, office to residential conversions, pre development and lease up financings. Since its first close in January 2025 the platform has originated 1.5 billion dollars of loans in markets including New York, Los Angeles, Chicago and South Florida, among them a 401 million dollar loan for the Ritz-Carlton Residences project in Palm Beach Gardens and a 208 million dollar construction loan for an office to home conversion in Downtown Brooklyn, according to Commercial Observer’s account of the close.
The investor base includes pension funds, insurance companies, banks, family offices and ultra high net worth individuals, with many existing investors returning at larger commitments alongside new institutional investors. The fund is close to 60 percent deployed and targets about 90 percent by the end of 2026, with typical loan sizes of 100 million to 200 million dollars and about 93 percent directed to residential properties, per the Commercial Observer reporting.
Set against the same week’s secondaries and buyout closes, the pattern holds: capital is available at scale to credit managers whose product is income from assets banks no longer finance, and a doubled target without a placement agent says the demand came to the manager.