$10 Million in real estate funds introduced at RAEDI Annual Meeting
(ABC 6 News) – The Rochester Area Economic Development, Inc.will hold its annual meeting on Tuesday.
Two panels will be featured during the program, including David Herbert, Southeast Minnesota Capital Fund (SMCF) Co-Manager, and LJ Johnson, SMCF Chair, who will discuss the success of Fund I and plans for Fund II in 2022.
SMCF is a member-driven angel investment fund focused on backing Minnesota entrepreneurs and dedicated to fostering innovation and economic growth in Rochester and the greater Southeast Minnesota region. “The Southeast Minnesota focus of our Fund and our participatory model for investors have attracted some of the top businesspeople and physicians in SE Minnesota to be investors in Fund I and we are honored that most of them plan to participate in the new Fund as well,” said Herbert.
During the second panel, Patrick Regan of Camegaran LLC and Premier Bank, as well as Brett Reese and Lori Bonin of REVocity, a division of Rebound Partners, and John Beatty of Dunlap and Seeger and RAEDI Past Chair, will discuss a new Rochester area community real estate fund coming in 2022.
This private fund is an impact investment opportunity for individuals, non-profit organizations, and businesses to invest in local developers’ projects in their own backyard. Anticipated to be approximately $10 million once established, this locally driven investment fund is focused on enhancing the Rochester area communities where we all live and work.
REVocity started their first fund in 2011 and closed it in 2018. The investment included a diverse portfolio of housing, vacant industry buildings, retail property, and creating an entrepreneur incubator space. “We were very successful with this fund and provided our investors a return well over our goal. Many people don’t have the resources, time, or know-how to directly own real estate, yet this provides the opportunity through a private real estate fund for people to invest in their own backyard”” said Brett Reese, founder and managing partner of Rebound Partners.