Artemis Real Estate Partners said it has $1.9bn (€1.74bn) for its Artemis Real Estate Partners Fund IV, exceeding a $1.5bn fundraising target for the US value-add fund.
In February 2021, IPE Real Assets reported that Artemis Real Estate was planning to raise $1.5bn for Artemis Fund IV. The manager raised $1bn in 2019 for Artemis Fund III.
As previously reported, the Illinois Municipal Retirement Fund, Connecticut Retirement Plans and Trust Funds, Virginia Retirement System and the New York State Common Retirement Fund each made a commitment to the fund.
Fund IV will be looking to invest either debt or equity in a variety of property types. This would include apartments, industrial, healthcare, self-storage, hotels and retail.
According to industry sources, the latest fundraising occurred at a period that has seen many institutional investors becoming over-allocated to real estate due to the denominator effect and therefore putting less capital into the asset class. As a result, most of the investors are mainly placing capital with existing managers.
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