NorthBridge Partners has raised $500m (€413m) for its third US logistics real estate fund and has achieved its hard cap fundraising target.
The manager said the NB Partners Fund III fund was backed by investors including public and private pensions, foundations, asset managers, family offices, and high net worth individuals.
IPE Real Assets reported in January that the fund had at the time raised $300m for the fund.
Fund III’s strategy is a continuation of the prior two vehicles, targeting strategically located US East Coast industrial assets that are critical to the modern e-commerce supply chain as companies compete for the shortest delivery times to consumers, the manager said.
Rob Kohn at Park Madison Partners, which served as the placement agent for the fundraising said: “We launched this fund in March 2020 right when the pandemic struck, and as a result, the fundraising effort shifted to an almost entirely virtual format.
“The success despite this challenge is a testament to NorthBridge’s talent as an investment manager in the final-mile industrial sector and to investors’ confidence in them as fiduciaries.”
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