Heitman has raised an initial $500m (€468.7m) for its latest North American value-add fund, according to a potential investor’s meeting document.
According to Mississippi Public Employees Retirement System’s meeting document, the Heitman Value Partners VI fund raised the capital in a first close on 20th February.
Mississippi PERS said it is planning to approve a $75m commitment to the fund.
Investment consultant Callan disclosed in the meeting document that investors have until 20th May to capitalise on the first-close incentive. Heitman expects to secure an additional $300m before that deadline.
As previously reported Heitman is seeking to raise $2bn for the fund. Heitman plans to make a co-investment of up to $35m to the fund, representing 2% of total commitments.
The fund targets a net internal rate of return of 12% to 14%.
If the commitment to the Heitman is approved by Mississippi PERS it will represent the only value-add investment the pension fund has earmarked for 2024. The capital will replace maturing or closing value-add funds within their existing real estate portfolio over the next year.
To read the latest IPE Real Assets magazine click here.
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