HIG Capital has raised $838m (€724m) for its fourth US real estate fund.
The manager said the fundraising for HIG Realty Partners IV exceeded the fund’s target.
Like its predecessor funds, Fund IV – which has already made nine investments – will mainly target mid-cap assets with gross asset values of less than $200m, primarily in the major markets of the US, the manager said.
Jordan Peer Griffin, executive MD and global head of HIG’s capital formation business, said: “The fund received tremendous support from our global investor base, allowing us to complete a mostly virtual fundraising process.”
Griffin said the fund is comprised of a diverse group of leading real estate investors including foundations, endowments, public and corporate pensions, consultants, sovereign wealth funds, and family offices in North America, Europe, Asia and the Middle East.
Sami Mnaymneh and Tony Tamer, HIG co-founders and co-CEOs, said: “We are very proud of the continued success of the HIG Realty team and their differentiated, value-add strategy focused on the mid-cap segment of the US real estate market.
“The support from our limited partners validates our conviction in the team’s ability to execute on the Fund’s investment strategy.”
David Hirschberg and Ira Weidhorn, co-heads of HIG Realty Partners, said: “We are excited to expand upon HIG’s successful value-add real estate strategy with the closing of HIG Realty Partners IV.
“We continue to source unique investment opportunities across the real estate asset class spectrum, benefiting from HIG’s scale and operational synergies, and creating a meaningful competitive advantage for us.”
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