Boston-based NorthBridge Partners has raised close to $950m (€879m) for its latest US value-add logistics real estate fund.
NorthBridge and placement agency Park Madison Partners said NB Partners Fund IV was oversubscribed in its final close, surpassing its original $800m target.
Investors include public and private pension funds, endowments and foundations, insurance companies, sovereign wealth funds, asset managers, family offices and high-net-worth individuals.
As previously reported, New Mexico State Investment Council and Los Angeles City Employees’ Retirement System are among the investors.
NorthBridge launched its value-add logistics strategy in 2014 to acquire, modernise and develop small and medium-sized infill logistics assets in select coastal US markets.
Fund IV is targeting markets deemed to benefit from high population density, significant port activity or clusters of advanced manufacturing that benefit from ‘re-shoring’ trends.
“We are extremely grateful for the support and confidence from both existing and new investors in Fund IV,” said Greg Lauze, managing partner and CIO of NorthBridge.
“We believe that the combination of strong secular tailwinds for infill industrial real estate set against a backdrop of dislocated capital markets make for a particularly favourable investment environment.”
Rob Kohn of Park Madison Partners said: “In our business, we see a lot of real estate sponsors and NorthBridge is truly best-in-class. They identified an attractive market niche and over the past decade have built a specialised vertical platform to capitalise on it.”
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