Noble Investment has so far raised $360m (€320.2m) for its latest US hotel investment fund, according to fundraising sources.

The manager is seeking to raise $800m and a $1bn hard cap for Noble Hospitality Fund V, a fund which acquires existing hotel assets with some value-add potential. Noble raised $450m in 2018 for its fourth fund and an additional $200m in co-investment capital.

The Missouri Local Government Employees Retirement System said it recently issued a $40m commitment to Fund V.

The fund will be investing in select service and extended stay hotels.

Noble did not respond to a request for comment.

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