Artemis Real Estate Partners is planning to raise $2.5bn (€2.1bn) for two US funds, according to people familiar with the matter.

According to sources, the US commercial real estate manager has set a $1bn hard cap target for the Artemis Healthcare Fund II fund and also plans to raise $1.5bn for the Artemis Fund IV fund.

Artemis raised $476m in July 2017 for its first healthcare fund and raised $1bn in 2019 for the Artemis Fund III fund.

Alameda County Employees Retirement Association said in a meeting document that it has made a $25m commitment to the core plus healthcare fund.

The healthcare fund, which seeks value-add type returns, will target medical office, senior housing and debt transactions.

The Artemis Fund IV will target value-add investments in property types like apartments, office, industrial, healthcare, self-storage, hotels and retail.

Artemis declined a request for comment.

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