US real estate investment manager S2 Capital has secured $373m in capital commitments for its latest value-add fund.
The manager said S2 Real Estate Fund II鈥檚 capital raising was backed by investors including a mix of US and European institutions as well as global asset managers, public pensions, multi-family offices and wealth management firms.
Fund II focuses on distressed multifamily opportunities in high-growth markets such as Texas, Arizona, Colorado, Florida, Tennessee, Georgia and the Carolinas. The manager said over 60% of Fund II鈥檚 capital has already been deployed across 14 assets in 9 markets.
Scott Everett, founder and CEO of S2 Capital, said: 鈥漌e are incredibly grateful for the continued support from our existing limited partners and are equally excited to welcome a diverse group of new institutional investors.
鈥淪urpassing the capital raised in Fund I highlights investor trust in our team鈥檚 ability to identify and execute multifamily investments in high-growth markets.鈥�
Patrick Connell, head of capital formation and investor relations at S2 Capital, said: 鈥漈he current environment has created exceptional opportunities for disciplined, well-capitalised investors.
鈥淗igher interest rates and elevated supply have introduced stress into the multifamily sector, and we鈥檙e leveraging our extensive relationships and operating capabilities to create value and drive performance.鈥�
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