SROA Capital has reached its hard cap of $900m (€833.2m) in fundraising for its latest US self-storage fund, according to an investor’s board meeting document.
The San Joaquin County Employees’ Retirement Association disclosed in its meeting document that it has made a $50m commitment to the SROA Capital Fund IX.
The SROA Capital fund had a fundraising target of $750m. 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.
According to the board meeting document, Fund IX has completed 12 transactions worth $1.3bn in total. These investments encompass properties located in 23 states.
SROA Capital did not respond to a request for comment.
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