Hines has received an additional $600m (€518m) in capital commitments for Hines US Property Partners (HUSPP), lifting the newly launched open-ended real estate fund’s total capital raised to $1.4bn.

IPE Real Assets understands that the latest fundraising was backed by a range of European pension funds, including a $75m commitment from Greater Manchester Pension Fund, one of the UK’s largest local government pension schemes.

The manager said the combined equity raised for HUSPP gives the fund over $2.3bn in total investment capacity.

HUSPP – launched in July last year – has so far completed six deals worth $600m in total, comprising industrial, multifamily, mixed-use, and office investments. 

Hines said it expects to deploy the remaining capital over the next 12 months.

The diversified real estate fund’s strategy is to buy, build, and manage to core, Hines said, adding that the open-ended fund is expected to continuously raise capital.

Adriana de Alcantara, HUSPP fund manager at Hines, said: “We are very excited by the momentum we have seen since the fund’s launch last July. These opportunities have demonstrated the strength of our highly local platform which enables us to acquire off-market deals in dynamic locations in Los Angeles, Seattle, Austin, and Minneapolis.”

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