US industrial real estate investment manager Faropoint has surpassed its initial target of $750m (€699m) by raising $915m for its third fund.
The fund manager said its flagship Industrial Value Fund III secured capital commitments from institutions across North America, Europe and the Middle East, including public pension plans and insurance firms.
Fund III, which targets transactions averaging less than $10m, has so far acquired over 80 urban industrial warehouses across 12 US markets, and aims to acquire more than 200 warehouses throughout its deployment period, the manager added.
Adir Levitas, CEO of Faropoint, said: “Exceeding our fundraising target for Industrial Value Fund III is a testament to the confidence our investors have in our strategy and execution capabilities.
“Our focus on urban logistics and our ability to capitalise on off-market opportunities, combined with our advanced data and machine learning tools, uniquely positions us to optimise risk-adjusted returns.”
Raz Rahamim, global head of capital development and investor relations at Faropoint, said: “Despite a challenging fundraising environment, the successful closing of Fund III marks a significant milestone for Faropoint.
“Our unique strategy and resilient asset class have attracted significant investor commitments from multiple continents, validating our investment approach and operational expertise.“
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