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 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.