Crescent Real Estate has completed its latest investment fund, raising $241.5 million to target commercial real estate opportunities. The Fort Worth-based firm finalized “GP Invitation Fund IV” on December 31, according to federal filings. This amount is slightly below its original goal of $250 million and follows the company’s previous fund in 2022, which collected $265 million.
The fundraising comes at a time when private equity firms are facing challenges in attracting capital. Global private equity fundraising declined for the third consecutive year in 2025, dropping by nearly 13 percent compared to the previous year, according to S&P Global.
Christopher Goff, senior managing director and head of capital formation at Crescent, described 2025 as an “adjustment year” following the period of easy money that resulted from the Federal Reserve’s pandemic-era rate cuts. He said that inflation and higher borrowing costs have changed expectations for investors.
Despite these conditions, Crescent has already committed between 15 percent and 20 percent of Fund IV’s capital. Some of this funding was used for Uptown Dallas office deals that closed late last year, including acquisitions at 2100 McKinney and Texas Capital Center at 2000 McKinney Avenue. Market sources identified the latter as the largest office sale in Dallas-Fort Worth in 2025.
Crescent’s new fund allows investments across office, residential, and hotel properties rather than focusing on a single asset type. Recently, high-end office buildings have become a key area for Crescent even though many institutional investors remain cautious about this sector.
Founded in 1987 by John Goff and Richard Rainwater, Crescent reported $4.3 billion in assets under management at the end of 2024. The company oversees more than $16 billion worth of real estate assets overall, including offices, apartments, and hotels.
In North Texas, Crescent continues to focus on Uptown Dallas where it owns the well-known Crescent complex—reacquired in 2021—and is building a second office tower at its Crescent Fort Worth development with JPMorgan Chase as an anchor tenant.
Goff explained the firm’s approach: “We want to be super disciplined,” he 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, Crescent’s strategy centers on Uptown Dallas offices while much of the market remains hesitant.
