US industrial real estate manager Ambrose has raised over $400m (€369m) for its latest strategy.
The manager said it secured $400.6m in equity commitments for the Ambrose Fund IV fund and related vehicles from a diverse group of investors, including public pension funds like the Indiana Public Retirement System (INPRS), insurance companies and family offices such as Jordan Park.
As previously reported, INPRS approved a $100m commitment to Ambrose IV, a fund that invests in speculative development projects and build-to-suit opportunities as it targets a mixture of industrial, logistics and e-commerce properties.
Ambrose IV is approximately 50% deployed and has a pipeline of new development and acquisition opportunities, Ambrose said.
Aasif Bade, founder and CEO of Ambrose, said: “Completing our largest raise to date and making significant strides toward investor diversification in this challenging fundraising environment reflect both the strength of our incredible team of internal and external partners and our successful track record.
“Our fund strategy is supported by compelling secular tailwinds, including the increasing absorption of the glut of pandemic-era industrial development; decreasing new construction due to high interest rates and capital constraints; and consistently growing demand for efficient, well-located Class A industrial, logistics and e-commerce product.
“Given our deployment timelines, we expect the vintages in this portfolio will be well timed to capitalise on anticipated decreases in supply across our target markets over the next few years.”
James Mattingly, director of real assets at INPRS, said: “Over the past 15 years, INPRS has watched Ambrose grow their business into an institutional platform that generates incredible returns for its investors. It is impressive what they have been able to accomplish, specifically with regard to Fund IV and during what has been a challenging economic period within the market.
“We are proud to be their largest investor to date and look forward to partnering together in generating continued high returns for the members we serve across Indiana.”
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