Waterton’s latest apartment fund has raised $920m (€749m) at its final close, according to sources familiar with the matter.

The real estate fund manager is putting $7.5m into Waterton Residential Property Venture XIII as a co-investment.

Waterton declined a request for comment.

As reported by IPE Real Assets in November last year, Waterton was seeking to raise between $750m and $800m, with a hard cap of $1bn. 

The residential specialist’s previous fund raised $510m in 2014.

The investors in the new fund include US pension funds Orange County Employees which added $100m, Employees Retirement System of Texas put in $65m and Kansas Public Employees Retirement System added $50m.

The value-add fund is targeting a 13% net internal rate of return.

Waterton has so far closed on or committed to six transactions with a total value of $400m.

The deals include the $144m acquisition of The Citizen at Shirlington in Arlington and the $54m acquisition of a 288-unit South Side Flats in Dallas.