Federal Capital Partners has closed its third property fund, raising just over $512m (€464m).

The investment manager said its FCP Realty Fund III was targeting multifamily and commercial properties and structured opportunities throughout the eastern US.

Fund III, when fully invested, is expected to accommodate around $1.7bn of investments.

The manager said the fund had closed 20 investments, committing $332.4m of fund equity and representing $1.1bn in total value.

FCP managing partner Esko Korhonen said: “Since raising our initial fund in 2008, FCP has closed more than 100 transactions, representing a range of investments from structured loans and equity investments to the purchase of a public company, totalling an aggregate value in excess of $4bn.

“We are excited at the prospects for our third fund given the opportunities created by the positive growth outlook for the eastern US.”