JP Morgan Asset Management has raised $1.1bn (€945.2m) for its inaugural US net lease fund, more than double its initial $500m target.
The JP Morgan Net Lease Real Estate Fund II is the firm’s first fund in the sector following its 2023 acquisition of Trio Investment. Fund II succeeds Trio Net Lease Fund I.
The manager said the fund was backed by a global investor base across the US, Asia-Pacific, and the Middle East, with more than half of the capital coming from new clients to JP Morgan Asset Management Real Estate Americas.
As previously reported, Tennessee Consolidated Retirement System committed $150m to the fund, which targets assets primarily in the industrial, outdoor storage and retail sectors.
JP Morgan also secured a $200m commitment from the Los Angeles County Employees Retirement Association.
Jed Laskowitz, global head of private markets and customised solutions for JP Morgan Asset Management, said: “Investors continue to recognise the important role private markets can play in building resilient portfolios.
“We saw strong demand for this offering and were able to close an oversubscribed fund quickly, an outcome that underscores investor conviction in our expertise and capabilities, particularly given today’s real estate fundraising backdrop.”
Chad Tredway, global head of real estate, JP Morgan Asset Management, said: “Net lease will continue to be a focus for JP Morgan Asset Management, and this is just the beginning of providing our clients with greater access to this segment of the real estate market.
“We believe net lease is particularly compelling right now because it can offer durable, long-term income and it is an area where we are seeing strong investor appetite and continued growth.”
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