Harrison Street has raised $1.6bn (€1.4bn) for its seventh US opportunistic real estate fund.

The manager said the Harrison Street Real Estate Partners VII fund which reached its $1.3bn hard cap target at close, exceeded its original $950m target.

Harrison Street said it raised an additional $302.5m in co-investment vehicles to invest alongside Fund VII giving the fund a total of $1.6bn of equity raised and a total buying capacity of $4bn.

As previously reported, Teacher Retirement System of Texas approved a $150m commitment into Fund VII and committed $100m in the co-investment capital.

Fund VII targets specialist real estate such as medical offices, self-storage, and student and senior housing.

Fund VII has committed 26% of its equity capital, the manager said, adding that it expects more than half of the portfolio to be comprised of senior housing, healthcare delivery and life science investments.