US real estate manager Alidade Capital has raised $250.6m (€232.2m) for its fifth value-add fund.

The manager said the amount raised for Alidade Capital Fund V (ACF V), was slightly above the fund’s $250m target and also exceeds the $150m raised for a predecessor fund, which closed in April 2017.

ACF V was backed by new and existing investors across the US, including pension funds, endowments, foundations, insurers, and high-net-worth individuals.

Alidade said the fund intends to target real estate investments located in “innovation ecosystems that are attractive to companies in transformational industries such as life science, engineering, robotics, software, and other technology-related industries”.

ACF V will also target investing in select secondary geographic markets where the firm can leverage its expertise and relationships, the manager said.

Geoff Langdon, co-founder and managing partner of Alidade Capital, said: “By targeting a tenant base made up of innovation industry-based companies that are growing beyond the average US economy, we feel our real estate investments are starting off in a strong position; these companies are generally reliable rent payers and, as they continue to grow, generally require more real estate space.

“The thematic strategy and the breadth of our team’s capabilities position us well to invest strategically in this dynamic environment. We look forward to identifying a diverse range of investments where we see strong growth and an opportunity to create significant additional value for our investors.”

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