Harrison Street Real Estate Capital raised about $1 billion in its fifth opportunistic real estate fund and co-investment vehicle, spokesman David Harrison said.
Harrison Street Real Estate Partners V raised $850 million, exceeding its $750 million fundraising target, and $160 million in the co-investment fund to invest in the education, health-care and storage sectors. Harrison Street raised the fund in three months, without the assistance of a placement agent.
The real estate money manager’s newest fund is also somewhat larger than its last fund, the $750 million Harrison Street Real Estate Partners IV, which closed in July 2013.
The fund would typically make equity real estate investments but also can make select debt investments, said Christopher Merrill, co-founder, president and CEO, in an e-mail.
Investors in the fund include the $16 billion Kansas Public Employees Retirement System, Topeka; $14.4 billion New Mexico Public Employees Retirement Association, Santa Fe; and $6.5 billion District of Columbia Retirement Board, Washington.
