Berkshire Residential Investments has raised $1.35bn (€1.2bn) for its fifth flagship US value-add fund and the fund’s co-investment vehicles.
The manager said it has raised $550m for Berkshire Value Fund V, received $431m of co-investment commitments and raised an additional $370m for future Fund V co-investment opportunities.
As previously reported, Texas Permanent School Fund approved a $20m commitment into Fund V.
The fund’s intends to buy apartment communities below replacement cost in major US markets. It will also seek to identify investment opportunities in niche residential sectors and special situations that could arise from “inefficiencies and disruption in the US housing markets”.
Jon Frey, managing director and head of portfolio management at Berkshire Residential Investments, said: “Berkshire is an owner-operator with exclusive sourcing channels fostered from both our debt and equity relationships.
“Our ability to creatively source investments and drive operating efficiencies and property improvements assists in the generation of alpha.”
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