Madison International Realty has raised $1.2bn for its latest city-focused real estate fund.
The real estate private equity firm said the amount raised for its Madison International Real Estate Liquidity Fund VII fund at close includes side-cars, co-investment vehicles and general partner commitments.
The predecessor fund raised nearly $1.4bn in July 2016.
The Madison VII fund’s investors include endowments, foundations, public and private pension funds, sovereign wealth funds, family offices, insurance companies and high net worth individuals in the US, Europe, Asia, the Middle East and Australia.
The fund, which targets growth-oriented capital cities of the US, UK and Europe, is invested or specified in several diversified investments owning prime properties in the office, multi-family, industrial and retail sectors, the manager said.
Ronald M Dickerman, Madison International Realty founder and president, said: “We believe late-cycle and risk off dynamics in the market positioned Madison VII in a favourable light, given the multitude of alternate offerings available, and reinforced our differentiated direct secondary investment strategy focused on acquisitions of ownership stakes in prime properties and portfolios in growth-oriented capital cities of the US, UK and Europe.”
Dickerman said the past weeks have seen periods of unprecedented volatility and overhang on economic activity due to coronavirus concerns.
“We have always believed our strategy is counter-cyclical in nature and creates opportunity in times of changing economic conditions.
”We are also implementing policies to protect our people and partners.”