JEN Partners is planning to raise $500m (€405m) for its latest US residential land fund according to an investor.
Massachusetts Pension Reserves Investment Management Board (Mass PRIM) said in a meeting document that it has approved a $100m commitment to the JEN Partners VII.
The fund is expected to invest in parcels of lands for future sale or for repositioning and selling to homebuilders. The fund’s target markets include California, Texas, Georgia, Florida, North Carolina, Arizona, Maryland, Virginia and Colorado.
In the meeting document, Mass PRIM said it believes the manager’s strategy has limited institutional competition given its focus on residential land and offers strong diversification benefits.
JEN did not respond to a request for comment.
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