Real estate investment manager SROA Capital has secured over $1.1bn (€943.6m) in capital commitments for its latest US self-storage strategy.
SROA Capital Fund IX closed above its $750m target, securing $865m from investors, including public pensions, foundations, endowments and insurers, along with an additional $250m in co-investment commitments.
As previously reported, the San Joaquin County Employees’ Retirement Association made a $50m commitment to Fund IX. Back in August, IPE Real Assets also reported that the Ohio Bureau of Workers Compensation was planning to issue a $50m commitment to the US self-storage fund.
SROA said Fund IX has so far closed 18 transactions across 25 states, totaling 284 properties and 13.5m of rentable square feet.
Benjamin S Macfarland III, CEO and founder of SROA, said: ”The close of Fund IX demonstrates the confidence our investors have in our strategy, platform and team. “Fund IX is well-positioned to capitalise on what we view as an exceptional buying opportunity as we enter a new real estate cycle.
“We appreciate the trust our limited partners have placed in SROA, and we intend to build upon our decade-plus long track record of providing strong risk-adjusted returns.”
Owen Holm, MD and head of investor relations at SROA, said: “We are truly grateful for the continued support of our longstanding partners and new investors, including public pensions, foundations, endowments, insurance companies, asset managers, RIAs, and family offices.
“The success of this fundraise is a testament to the dedication, discipline, and hard work of our experienced team.”
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