Crow Holdings has raised $2.6bn (€2.2bn) for its ninth US value-add real estate fund.
The manager said the Crow Holdings Realty Partners IX fund, which had an original $2bn hard cap target, received $2.3bn from investors as well as $265m worth of co-investments. The predecessor fund raised $1.3bn.
Crow Holdings said the fund was backed by existing investors and significant participation from new investors including global banks and insurance companies, pension plans, family offices and high net worth individuals.
The fund targets assets across the US, primarily in industrial and multifamily as well as in speciality sector opportunities. The manager has so far committed more than 63% of the fund’s capital across 62 investments, located primarily in the high-growth Southwest, Southeast and Mountain regions of the US.
To date, more than 63% of the fund’s capital has been committed across 62 investments, located primarily in the high-growth Southwest, Southeast and Mountain regions of the US.
Michael Levy, CEO of Crow Holdings, said: “This successful close demonstrates appreciation for our firm’s longstanding track record, real estate expertise, and especially our early recognition of the significant tailwinds behind logistics and e-commerce demand, shifting population demographics, and changing housing preferences as integral to our differentiated investment strategy.”
Bob McClain, CEO of Crow Holdings Capital, said: “With more than 63% of fund IX’s capital committed, we are already generating strong investment results, including returning capital early in the fund’s life cycle through quick realisations. This performance is a credit to the team that has worked hard during this unprecedented and challenging time to continue to deliver on our commitment to all partners.
“We believe that our pipeline – particularly in the industrial, multifamily and speciality sectors – is going to continue to provide attractive opportunities to drive results throughout the fund’s lifespan.”
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