Fairfield has raised $1.47bn (€1.4bn) for its US value-add multifamily fund, exceeding its $1bn target.
The manager said the amount raised for the Fairfield US Multifamily Value Add Fund IV fund at close included $350m of co-investment equity. Fairfield raised $1bn for the preious fund in the series.
As previously reported, New Mexico State Investment Council approved a $200m commitment to Fund IV and placed $100m into a co-investment vehicle associated with the fund.
New York State Common Retirement Fund also made a $250m commitment to Fund IV and made a $150m co-investment into a sidecar associated with the fund.
Other investors to back the fund include Ohio Police & Fire Pension Fund and California State Teachers Retirement System.
Fund IV, which invests by acquiring value-add multifamily properties in over 30 major US metropolitan statistical areas, has already invested approximately $385m in 16 assets, the manager said.
Richard Boynton, CEO of Fairfield, said: “In a tough fundraise environment, we are excited both with the result of our capital raise and with the confidence and trust that we have received from investors and consultants.
“Having the capital committed and available to invest will allow us to pursue the attractive buying opportunities that we expect to see at an exciting point in the multifamily investment cycle.”
Trey Stafford, head of capital markets at Fairfield, said: “Completing this fundraise, the largest ever at Fairfield, we are also encouraged with the diverse composition of the investor base and the fact that two-thirds are new investors to our value-ddd series.
“As we continue to expand our multifamily investment strategies, growing our investor base within and outside the US has been a key focus for us. We value the confidence that investors have shown in our platform and ability to execute our strategy.”
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