Avanath Capital Management has raised $760m (€615m) for its fourth US affordable and workforce housing fund.
The private real estate investment manager said the amount raised at final close for its fourth discretionary fund exceeded the fund’s original $550m fundraising target.
The manager said the fund was backed by a number of institutional investors including US pension funds, foundations, corporations, banks, family offices, UK foundations and family offices and European pension funds.
John R Williams, president and CIO at Avanath, said more than 50% of the capital in the fund is from European and UK investors and more than 40% of the fund was raised throughout the pandemic.