Chevy Chase, MD


FCP® today announced the closing of FCP Realty Fund V, L.P. (Fund V), a $1.188 billion fund targeting multifamily and commercial property opportunities throughout the United States. Fund V, when fully invested, is expected to accommodate approximately $4.0 billion of total investment capacity. FCP has already closed on seven investments through Fund V in Texas, Georgia and New York.

“The response to this fundraise and to our accompanying stated strategic goals was very strong, with a resulting oversubscription and only four months from first close to final,” said FCP Co-Founder and Managing Partner, Esko Korhonen. “With this fifth fund, we will continue to expand our national platform and invest in both multifamily and commercial assets with the same discipline that has marked our work over the last 20-plus years.”

Mr. Korhonen continued, “FCP will continue to focus on moderate income, class B and C apartment sectors that have proven durability of cashflow through all economic cycles. The remainder of the portfolio is targeted to include alpha generating investments in multifamily development and value-add commercial office focusing on adaptive re-use and creative office, which shows great promise as office uses continue to evolve post pandemic. Our access to fully discretionary capital also allows for the flexibility to invest throughout the capital stack as equity, preferred equity, mezzanine debt or any combination of the above. While national in reach, we will continue to emphasize growth markets in the Southeast and Southwest.”

FCP would like to acknowledge and thank Evercore Group, Hogan Lovells, and Holland & Knight for their assistance with the FCP Realty Fund V, L.P. fundraise. 

About FCP
FCP® is a privately held real estate investment company that has invested in or financed more than $8.6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. FCP is a U.N. Principles of Responsible Investment (PRI) Signatory. For further information on FCP, please visit