Bell Partners has set a target of $1bn (€868.1m) and a hard cap of $1.5bn for its new fund, which seeks to acquire US core-plus apartment complexes.
The Bell Growth & Income Fund has raised over 50% of its capital target since late August, helped by a $300m commitment each from the New York State Common Retirement Fund and the Los Angeles County Employees Retirement Association.
The Growth & Income Fund is currently targeting investments across 91 sub-markets within 12 major metropolitan areas in the US.
Bell Partners does not comment on the capital raised for funds that remain open to new commitments.
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