BKM Capital Partners has raised $382m (€341m) for its second US industrial value-add vehicle.
The manager said the amount raised for BKM Industrial Value Fund II, in addition to $289.4m of equity commitments to the fund and parallel vehicles, provides the fund with more than $1bn of buying power.
BKM Industrial Value Fund I, the debut fund, raised $105m in February 2016.
BKM said the latest fund received capital commitments from a mix of institutional investment sources, including US endowments and pensions funds, family offices, and insurance companies.
Fund II will invest in undervalued light multi-tenant industrial assets in strong growth markets throughout the Western US.
The fund, which had a first close in December 2017, is already being deployed into large business park portfolios throughout the Western US, including acquisitions in California and Arizona, among others.
Nima Taghavi, co-founder and executive chairman of BKM Capital Partners, said: “As a testament to our platform and to us as fiduciaries, we have evolved from a first-time fund manager with two institutional investors to our second fund and now having more than 20 institutional investors.”
Brian Malliet, co-founder and CEO of BKM Capital Partners, said: “We recognized the opportunity in light multi-tenant industrial early on and understood that this very specific property type was poised to grow faster than other industrial product.
“Today, fueled by healthy demand and tight supply, light multi-tenant industrial is on track to be one of the best-performing commercial real estate segments in 2019.”