US healthcare real estate asset manager Hammes Partners has raised $739m €668m) for its third value-add fund.

The manager said the amount raised for Hammes Partners IV at the final close exceeded the fund’s original target of $675m. The hard cap was achieved within seven months of launch.

IPE Real Assets understands the closed-ended fund’s backers included Wyoming State Loan and Investment Board and the Phoenix City Employees’ Retirement System.

As previously reported, the Ohio Bureau of Workers Compensation and the New Jersey Division of Investment committed $50m and $150m respectively to the fund.

Patrick Hammes, managing principal of Hammes Partners, said: “We remain highly committed to our investors, many of whom have supported us since the inception of our institutional fund platform.”

Similar to its predecessor funds, Hammes Partners IV will deploy its capital on acquisition and development opportunities in US healthcare real estate.

The Milwaukee-based firm spoke of strong secular trends, including an ageing population and healthcare services in the US, where increasingly services were provided through outpatient venues.

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