US real estate investment firm Crow Holdings has raised $750m (€648m), over a six-month fundraising period, for its development opportunities fund
The manager said the amount raised for Crow Holdings Development Opportunities Fund I (DOF), including leverage, will enable the fund to invest more than $1.5bn in assets.
The fund will focus on the development of industrial, multifamily, and select speciality properties, Crow Holdings said.
As previously reported DOF counts the State of Wisconsin Investment Board and the Illinois Municipal Retirement Fund among its investors.
Crow Holdings said the fund also received strong support from new and existing investment partners, including over $200m from private wealth sources.
Bob McClain, CEO of Crow Holdings Capital, the fund’s manager, said: “The continued opportunity in the US logistics and housing sectors is unprecedented in my 30-plus-year career.
“We maintain high conviction in these sectors and anticipate attractive risk-adjusted returns for further development, spurred by the importance of supply chain management, sustained consumer adoption of e-commerce, emphasis on housing affordability, and shifting generational demographics — factors that, we believe, will continue to drive US real estate opportunities for years to come.”
Michael Levy, CEO of Crow Holdings, said: ”The pandemic brought challenges, dislocations, and new risks; however, our team remained active investors during a time when many pushed pause. We remain committed to offering new ways for our partners to capitalize on opportunities as they arise.”
Coe Juracek, managing director of Crow Holdings Capital, said: “The firm’s decades of performance and stewardship have fostered relationships among investors, partners, and market participants that allowed the team to see this opportunity and quickly structure a vehicle and raise capital.
”This strategy demonstrates the capabilities of the Crow Holdings Capital platform: national reach and scale combined with local expertise. But it all starts with great partners who trust our team and want to join us in the pursuit of strong risk-adjusted returns.”
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