Waterton held a final close of its latest value-added real estate fund, Waterton Residential Property Venture XIV, reaching its hard cap of $1.5 billion.
The fund invests in multifamily properties in major U.S. markets. The firm has already deployed capital from the fund, including the acquisition of a four-property portfolio in the greater Atlanta area, a two-property portfolio in Hawaii and three assets in California.
Its predecessor fund, Waterton Residential Property Venture XIII, closed at $920 million in April 2018.
Investors in the current fund include the $57.3 billion Maryland State Retirement & Pension System, Baltimore; $40 billion Connecticut Retirement Plans & Trust Funds, Hartford; $30.9 billion Texas Employees Retirement System, Austin; $23.4 billion Louisiana Teachers' Retirement System, Baton Rouge; $21.1 billion Kansas Public Employees Retirement System, Topeka; $20.3 billion Los Angeles City Employees' Retirement System; $17.7 billion Orange County Employees Retirement System, Santa Ana, Calif.; $17 billion Ohio Police & Fire Pension Fund, Columbus; and $9 billion San Diego City Employees' Retirement System.
