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Monday, Jan 30, 2023
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McMillin Capital Closes Third Fund

McMillin Capital, part of the Corky McMillin Cos., said it recently closed a third real estate private equity fund that totals $47.6 million.

The fund that opened for investment in December and invests primarily in residential and retail projects developed by the McMillin Cos. is expected to deliver an internal rate of return on investments of 20 percent. Among the projects that are part of the fund’s portfolio are Morgan Hill in Temecula and Capella in Bakersfield, the company said.

McMillin Capital has invested $75 million in project partnerships with the McMillin Cos. and its affiliates. The company’s first fund invested in two office buildings in Liberty Station, the major mixed-use project in Point Loma. The fund has provided investors with a 24.7 percent internal rate of return. The second fund, investing in Morgan Hill, should produce returns greater than 40 percent, the company said.

, Mike Allen

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