BKM Capital Partners has raised $105m (€94.8m) for a US industrial vehicle.

The investment manager said the final close of its BKM Industrial Value Fund I provide it $300m of buying power.

Commitments came from institutional investors and high net worth investors.

The fund has a focus on value-add, multi-tenant industrial properties throughout the Western US, with a focus on Washington, Oregon and California.

The California-based company said it also raised capital from a “friends and family round”, with $100m invested in seed assets.

The vehicle is targeting assets that have significant value-creation opportunity over a five-year period. 

BKM plans to renovate, reposition and re-let properties.

It said it has bought more than $150m of assets in Las Vegas, Phoenix and Portland.