TruAmerica Multifamily has raised $575m (€497m) for its debut US workforce housing fund.
The amount raised by the TruAmerica Workforce Housing Fund exceeded the fund’s $400m target, TruAmerica Multifamily’s founder and CEO Robert Hart said in a statement.
The fund received strong support from its existing institutional capital partners but received more than half of the fund’s equity commitments from new investor relationships.
Hart said TruAmerica Multifamily’s “value-add business model, vertically integrated in-house acquisitions, construction management and asset management teams, and strong reputation in the industry certainly played key roles in our successful fundraising efforts”.
Investors in the fund include foreign and domestic insurance companies, public and private pension funds, global asset management firms and family offices, according to Mark Enfield, TruAmerica Multifamily’s chief administrative officer.
As previously reported, the fund received capital commitments from Connecticut Retirement Plans and Trust Funds and the Maryland State Retirement and Pension System.
“The workforce housing sector has continued to perform well over the past decade and demonstrated its durability even during the worst part of the pandemic. Our long-term view of this space is shared by a rapidly increasing number of investors which was apparent during our fundraise,” said Enfield.
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