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Fundamental Partners III closes at nearly $1 billion

Fundamental Advisors announced Thursday the closing of Fundamental Partners III at $993 million, surpassing its fundraising target of $750 million.

The firm's third private equity fund will invest in municipal and public purpose assets, including affordable and student housing, senior care, infrastructure, alternative energy and hospitality, said a news release.

Predecessor fund Fundamental Partners II closed at $450 million in 2013.

Investors in Fundamental Partners III include the $16 billion Kentucky Retirement Systems, Frankfort, and the $9 billion Arizona Public Safety Personnel Retirement System, Phoenix.