Crescent Real Estate has completed its latest investment fund, securing $241.5 million to target commercial real estate opportunities. The Fort Worth-based company finalized “GP Invitation Fund IV” on December 31, according to federal filings. This total was slightly below Crescent’s $250 million goal and follows the firm’s previous fund in 2022, which raised $265 million.
The fundraising comes amid a challenging environment for private equity. Global private equity fundraising fell for the third consecutive year in 2025, dropping by nearly 13 percent from the previous year, based on data from S&P Global. Fewer funds have entered the market as firms adjust strategies across buyout, growth, and diversified investments.
Christopher Goff, senior managing director and head of capital formation at Crescent, said that 2025 represented an “adjustment year” following the period of easy financing after pandemic-era interest rate cuts by the Federal Reserve. He noted that inflation and higher borrowing costs have shifted expectations for investors.
Despite these challenges, Crescent has already allocated about 15 to 20 percent of Fund IV’s capital. Recent investments include several Uptown Dallas office properties acquired late last year: a 19-story building at 2100 McKinney anchored by CBRE and Texas Capital Center at 2000 McKinney Avenue—reported as the largest office sale in Dallas-Fort Worth in 2025.
Crescent’s new fund allows flexibility to invest across offices, residential projects, and hotels rather than focusing on one property type. According to Goff, trophy office buildings are currently their strongest area of focus even though many institutional investors remain cautious about this sector.
Crescent was established in 1987 by John Goff and Richard Rainwater. At the end of 2024, it reported $4.3 billion in assets under management and oversees more than $16 billion in real estate holdings overall—including significant portfolios of offices, apartments, and hotel rooms.
In North Texas, Crescent is continuing its emphasis on Uptown Dallas where it owns the well-known Crescent complex—reacquired in 2021—and is advancing construction on a second office building at its Crescent Fort Worth development with JPMorgan Chase as anchor tenant.
While expressing general support for broader growth in Dallas—including Downtown areas facing new challenges such as AT&T’s planned departure—Goff emphasized that Crescent will maintain a disciplined approach focused on markets where it sees clear advantages.
“We want to be super disciplined,” Goff said. “Where do we feel like we have a comparative advantage? And where do our investors feel like we can operate better than anybody else?”
Currently, this strategy centers on Uptown Dallas offices while much of the market remains cautious.
