Riaz Capital Extends Ozone Fund III To $125 Million

Riaz Capital announced that it has reached the $100 million fundraising goal for its Ozone Fund III, which will invest in workforce housing projects in the Bay Area. In response to strong investor appetite, the firm is capping the raise at $125 million and will accept commitments through the end of the month.

Riaz aims to deliver aesthetic and space-efficient designs for the middle income segment of the Bay Area market, addressing a massive housing shortfall in the region. With floor plans as small as 300 square feet in amenity-rich buildings, Riaz units typically appeal to students, young single professionals, and young couples.

The fund has a target IRR of 15% and an equity multiple of 3.2x. Riaz Taplin presented Ozone Fund III at the recent OZ Pitch Day in November:

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