Crow Holdings closed its latest value-added real estate fund, Crow Holdings Realty Partners IX, with $2.3 billion, surpassing its original hard cap of $2 billion, spokesman Bill Mendel said.
Crow also raised an additional $265 million for co-investments. The combined $2.6 billion in commitments is twice the size of the $1.3 billion raised for the predecessor fund.
The domestic fund invests primarily in industrial and multifamily properties. The fund also invests in specialty sectors, including manufactured housing, convenience stores and gas stations, self-storage and student housing.
More than 63% of the fund's capital has been committed to 62 investments, mainly in the Southwest, Southeast and Mountain regions of the U.S.
Investors in the fund include the Florida State Board of Administration, Tallahassee, which oversees a total of $252.8 billion in assets, including the $199.6 billion Florida Retirement System; $54.7 billion Illinois Municipal Retirement Fund, Oak Brook, Ill. ; $39.2 billion South Carolina Retirement System Investment Commission, Columbia; $26.9 billion: Louisiana Teachers' Retirement System, Baton Rouge; $23.6 billion Illinois State Universities Retirement System, Champaign; and $17.6 billion New Mexico Educational Retirement Board, Santa Fe.
