EQT has raised $4.9bn (€4.5bn) for its latest value-add US industrial real estate investment fund.
The global investment firm said the capital raised for EQT Exeter Industrial Value Fund VI at close, exceeded the fund’s $4bn target.
Fund VI, which was backed by existing and new investors, received capital commitments from a diverse group of pensions, foundations, insurance, and sovereign clients across North America, South America, Europe, Asia, and the Middle East.
As previously reported, investors that have backed the fund include Texas Permanent School Fund, the Florida State Board of Administration and the Los Angeles Water and Power Employees’ Retirement Plan. The New York State Common Retirement Fund, Teachers’ Retirement System of Oklahoma and the New York State Teachers Retirement System also made contributions to Fund VI.
The value-add fund’s strategy involves acquiring, developing, renovating, leasing, operating, and selling industrial properties serving major markets throughout the US.
Rayenne Chen, global client solutions at EQT Exeter, said: “This fund is among the largest single-property sector, operator funds ever raised, and we attribute our investor partners’ support and confidence to our proven experience in navigating the opportunities and risks of challenging market cycles.”
Matt Brodnik, CIO at EQT Exeter, said: “We look forward to assembling this portfolio amid significant pricing resets due to today’s choppy markets. More than ever, we count on our long-time and far-reaching relationships with owners, the brokerage community, and lenders to uncover opportunities and serve as their most preferred and reputable buyer.”
Henry Steinberg, president of EQT Exeter, said: “The direct relationships we have developed with global logistics users have enabled us to serve as their essential real estate solutions provider. Winning their business will drive the fund’s occupancy and value appreciation no matter the market cycle.
“Furthermore, we are developing analytic tools to leverage our in-house, locally sourced acquisition and leasing data across geographies and product types to make EQT Exeter an even more effective and informed operator.”
To read the latest edition of the latest IPE Real Assets magazine click here.