Harbert Management Corporation has raised $510m (€468.6m) for its latest US senior housing fund.
The Harbert Seniors Housing Fund II fund, along with its parallel funds, received the capital commitment from international and domestic investors at its final close.
Harbert said Fund II has closed eight transactions to date including three joint venture development opportunities. These investments total nine properties.
The predecessor Harbert Seniors Housing Fund I fund, totalling $209m including co-investment capital, is fully committed across 30 properties.
Brian Landrum, co-fund manager for the fund, said: “We are thankful for the continued support of our existing investors, and excited by the strong group of new investors that have shown confidence in our disciplined investment strategy, talented Investment Team and asset management execution capabilities.”
Trent Johnson, co-fund manager for the fund, said: “Having successfully raised our second pool of discretionary capital puts us in an excellent position to continue to build a high-quality portfolio of seniors housing properties through our operating partner relationships.”
Travis Pritchett, senior vice president and global head of real assets for Harbert Management Corporation, said: “Seniors housing has many long-term tailwinds and our team is uniquely positioned to deliver strong results to our limited partners.
“The success of this fundraise and the quality of the investor base highlights the strength of the investment team and the depth of supporting infrastructure.”