Clarion Partners has closed its US student housing fund at $402.9m (€374.8m).
The investment manager’s joint venture with Campus Apartments attracted capital from mainly institutional US and international investors.
Fort Worth Employees’ Retirement Fund and Teachers’ Retirement System of Louisiana both backed the Campus-Clarion Student Housing Partners fund, as previously reported.
Fort Worth approved a $20m allocation, while the latter committed $35m to the fund.
Clarion said the fund, in which it and Campus Apartments are co-general partners, will have around $1.2bn in buying power, and is the largest student housing fund by a vertically integrated manager.
The fund, which has a value-add strategy, will buy and develop both on- and off-campus projects.
Campus Apartments has more than $2bn in assets under management, with more than 28,000 beds in 25 states.
