Stockbridge has so far raised 45% of a planned $500m (€460m) fundraise for its latest value-add US real estate fund.

IPE Real Assets understands that the manager has received $225m worth of capital commitments – from investors including the Texas Municipal Retirement System and Montana Board of Investment – at the first close of its Stockbridge Value Fund IV fund.

Stockbridge raised $217m for Fund I, $320m for Fund II and $355m for Fund III.

Like the predecessor funds, Fund IV will invest in a mixture of multifamily, industrial, retail and traditional/medical office properties.

The fund is expected to start out as a “blind pool investment” to enable to take advantage of market dislocations.