NorthBridge Partners has raised $300m (€247.7m) for its latest US industrial fund, according to people familiar with the matter.

IPE Real Assets understands that the amount raised by NB Partners Fund III fund takes the fund closer to its $350m hard cap target, an amount which also exceeds the $114m raised for the predecessor fund in November 2019.

The value-add fund – backed by a variety of institutional investors – will be investing assets located in the Northeast region of the US. The type of industrial real estate the fund targets include flex, logistics, R&D and warehouse/distribution assets.

Boston-based NorthBridge did not respond to a request for comment. 

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