US real estate manager Atlas Capital has raised $405m (€416m) to target value-add investment opportunities.

The New York-based firm said the capital raised for the Atlas Capital Investors VI fund will be used to invest in real estate opportunities in New York and Los Angeles.

Fund VI will seek to capitalise on distress, mispricings, and secular trends in the New York and Los Angeles real estate markets.

Fund VI, which was launched in February 2020, received capital commitments from investors including a mix of public and private pensions, endowments, foundations, asset managers, family offices, and high-net-worth individuals, the manager said.

Atlas said over 93% of the investors from Atlas’ 2018 vintage predecessor vehicle re-committed to Fund VI.

According to the manager, Fund VI has already deployed approximately 25% of capital commitments across five investments in the residential, industrial, media, and mixed-use sectors.

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