Institutional investors across the US, Europe and Australia have backed Mesirow Financial to raise $567m (€486.9m) at final close.

The investment specialist said Mesirow Financial Real Estate Value Fund III will employ a value-added real estate strategy primarily focused on the US multifamily sector with a secondary focus on the student housing sector.

The fund is managed by Mesirow Financial’s Real Estate – Direct (MFDRE) team.

Alasdair Cripps, the CEO and co-chief investment officer for MFDRE said: “Our value proposition is to provide qualified institutional investors with compelling direct investment opportunities in the real estate industry that they might otherwise not have access to.

“This strategy leverages not only our investment acumen, but our deep-rooted relationships in the market—all for the benefit of our clients. As stewards of capital, we will continue to be opportunistic and disciplined as we evaluate opportunities to acquire real estate assets.”

Dominick Mondi, Mesirow Financial’s president, said: “This is a great milestone for our investors and for the team.

“As a firm, we remain excited about the significant opportunities offered in the multifamily real estate market.”