Almanac is seeking to raise $2.25bn (€1.95bn) for its latest real estate fund.
Almanac disclosed the fundraising for the Almanac Realty Securities IX fund in a presentation it made to the San Diego City Employees’ Retirement System (SDCERS).
According to SDCERS has approved a $30m commitment to the fund which mostly provides growth capital for US real estate operating companies.
The amount being sought for the latest fund exceeds the capital raised for Fund VIII, the previous fund which raised $1.9bn in 2018.
Fund IX targets a 12% net internal rate of return and the fund’s manager Almanac will be making a co-investment of 1% of the total capital raised.
Almanac has an investment pipeline of four future deals where the manager could be investing up to $1.4bn, according to the presentation the manager made to SDCERS.
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