Fairfield Residential has raised $648m (€577.9m) in commitments for its open-ended US apartment fund, according to a recent SEC filing.
The Alameda County Employees’ Retirement Association (ACERA) is among the Fairfield Affordable Housing Preservation Fund’s newest investors, approving a $25m commitment as detailed in pension fund board meeting documentation.
ACERA will allocate the capital to the core-plus segment of its real estate portfolio, subject to the completion of legal and investment due diligence and final contract negotiations.
The fund, launched in late 2022 as Fairfield Residential’s first affordable housing fund open to third-party investors, targets net returns of 9% to 10% with a maximum leverage cap of 65%.
As previously reported, the fund secured anchor commitments from institutional allocators, including a $300m investment from the Alaska Permanent Fund Corporation.
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