Berkeley Partners has so far raised $221m (€186.6m) for its US value-add light industrial real estate fund.
IPE Real Assets understands that the manager disclosed the Berkeley Partners Value Industrial Fund V fund’s capital raising amount in a presentation made for the San Joaquin County Employees Retirement Association (SJCERA).
According to sources, SJCERA has approved a $50m commitment to the fund which targets a $275m fundraising with a $350m hard cap. The fund is expected to have a leverage component of up to 65%.
Berkeley has seeded the fund with the acquisition of a $49m property in Louisville, Colorado, located northwest of Denver.
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