GLP Capital Partners (GCP) has raised $2.3bn (€1.9bn) for its North American logistics real estate fund.
The Los Angeles-based manager said the GLP Capital Partners IV fund exceeded its $2bn target at final close.
The fund received capital commitments from a diverse group of domestic and international institutional investors, including public and corporate pensions, sovereign wealth funds, insurance companies, asset management firms, endowments, and family offices, GCP said.
As previously reported, Los Angeles City Employees’ Retirement System approved a $40m commitment to the value-add fund.
GLP Capital Partners IV aims to invest in institutional-quality logistics assets across the value creation spectrum that are strategically located in infill and key distribution markets, the fund’s manager said.
GCP said the fund has already committed more than 50% of its capital to create a portfolio of more than 25m sqft in markets such as Southern California, Eastern Pennsylvania, Seattle, Portland, and South Florida.
Alan Yang, founder, CEO, and senior managing director of GLP Capital Partners, said: “We began raising this fund just as the global pandemic changed so much about our economy and daily lives.
“Our team stayed focused on delivering a compelling value proposition to investors. The fundraise is a testament to the demand for logistics real estate driven by accelerating e-commerce.”
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