Crow Holdings Capital Real Estate has raised $1.85bn for its latest US value-add fund.
The North America-focused asset manager said it closed its Crow Holdings Realty Partners VII vehicle.
As reported the Teachers鈥� Retirement System of Louisiana and the Connecticut Retirement Plan and Trust Funds 鈥巃re investing in the fund managed by Crow Holdings.
Dallas-based Crow Holdings is co-investing $100m in the US-focused fund, which aimed to raise $1.6bn.
By June last year, the fund had attracted $833m in commitments from investors, according to Connecticut.
Realty Partners VII, targeting an 11% net IRR, is using a loan-to-value ratio of approximately 65%.
The close follows its raising of $295m for the Crow Holdings Retail Fund in June last year.
Bob McClain, head of real estate investment strategies at CHC-Real Estate, said the fund was well-positioned to capitalise on opportunities and had a 鈥渟trong pipeline鈥�.
The fund will invest across industrial, retail, office, multi-family, convenience stores and gas stations, as well as hotel and self-storage.
Both existing assets and new developments will be bought for the fund.
