Hyperion Realty Capital, founded in 2019 by Jon Mendis, has partnered with GCM Grosvenor to invest up to $100 million in its third grocery-anchored retail fund, Hyperion Grocery Retail Partners III. The fund aims to raise $200 million in total equity, with the potential to reach an aggregate property value of $1 billion as more investment partners join.
GCM Grosvenor, managed by Peter Braffman, will take a seat on Hyperion's Board of Directors. The firm has approximately $97 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return strategies.
Hyperion targets value-add grocery-anchored shopping centers in neighborhood, strip, and community formats across Western U.S. markets, focusing on properties anchored by national and regional grocers. The company currently owns and operates 10 shopping centers in West Coast markets.
Value creation strategies include vacancy lease-up, re-tenanting, rent adjustments, and outparcel monetization. Peter Braffman stated, "We are excited to partner with Jon and the Hyperion team to help build a leading grocery-anchored retail platform." Jon Mendis added, "GCM Grosvenor is an ideal strategic partner for this next chapter of our growth."
The principals of Hyperion and GCM Grosvenor have executed more than $4 billion in grocery-anchored retail transactions. Retail Opportunity Investments Corp., a prior entity, was acquired by Blackstone in 2025 for approximately $4 billion.
