SROA Capital has so far raised $930m (€863m) to invest in US self-storage assets, IPE Real Assets understands.
SROA Capital has received $730m in capital commitments for SROA Capital Fund IX and an additional $200m in co-investment capital.
According to a source, Fund IX, which has a $900m hard cap target is expected to close in March next year.
The San Joaquin County Employees’ Retirement Association has also disclosed in its meeting document that it has made a $50m commitment to Fund IX.
According to San Joaquin County’s board meeting document, Fund IX has completed 12 transactions worth $1.3bn in total. These investments encompass properties located in 23 states.
The fund targets a net internal rate of return of 11% to 13% and leveraged internal rates of return ranging from 14% to 16%.
SROA Capital has committed to making a co-investment in the fund within the range of $12m to $15m. Most of Fund IX’s investments will be equity purchases. SROA can also make bridge loans.
A previous version of this article incorrectly indicated that Fund IX had achieved its hard cap target of $900m. Please note that the correct fundraising total for Fund IX is $730m. SROA Capital has raised an additional $200m in co-investment capital.
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