Prime Group Holdings has raised $2.5bn (€2.3bn) for its third US self-storage fund, exceeding the fund’s $1.5bn target.
The private equity real estate firm said the capital raised for Prime Storage Fund III, which closed in December 2022, is the company’s largest fund to date, and the largest fund ever raised focused exclusively on self-storage.
Prime Group said the fund received significant support from a diverse global base of new and existing Prime Group investors, including sovereign wealth funds, public pension plans, university endowments, banks, insurance companies, family offices and foundations. Over 30 countries are represented in the fund’s investor base.
The manager said Fund III has so far deployed 18% of its total equity.
Robert Moser, Prime Group’s founder, principal, and CEO, said: “We are pleased to have closed our third flagship fund, the largest in history in the self-storage sector. This achievement is a testament to the strength of our platform, our differentiated, data-driven investment approach and experienced team.
”We are grateful for the support from our new and existing investors as we seek to continue to capitalize on a resilient asset class to deliver market-leading investment performance.”
Douglas Kotelly, CIO, said: “We continue to identify opportunities to aggregate and institutionalize ownership and management across the North American self-storage market. We have deployed capital from Fund III into assets for which we believe we can execute value-add business plans and best utilise our management capabilities.
”We look forward to leveraging our team’s real estate investment experience as we pursue superior returns for our investors.”
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