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Alternative Market Briefing

Harrison Street raises $1.3bn for a new fund

Tuesday, August 20, 2019

Laxman Pai, Opalesque Asia:

Harrison Street has raised $1.6bn for its seventh US opportunistic real estate fund - Harrison Street Real Estate Partners VII.

The Chicago-based firm said that the fund closed at its hard cap of $1.3bn, above its original $950m fundraising target, while co-investment vehicles raised a total of $302.5m.

Harrison Street raised an additional $302.5m in co-investment vehicles to invest alongside Fund VII for a total of $1.6bn of equity raised and total buying capacity of approximately $4bn.

The prior fund, Harrison Street Real Estate Partners VI, closed at $950m in 2017, and its co-investment vehicle closed at $205m.

Over 60 global institutional investors committed to Fund VII. Harrison Street received significant support from existing investors who contributed nearly 65% of the total committed capital to the fund, in addition to new limited partners.

Investors include the $152.2bn Texas Teacher Retirement System and the $28.3bn Texas County & District Retirement System, both in Austin.

Since inception in 2005, the firm has invested in 957 properties across 47 states with a gross cost of $28.1bn.

Harrison Street is currently investing through its U.S. and European Opportunistic fund series as well as its Core real estate and Social Infrastructure open-end funds.

To date, Harrison Street has raised nearly $16bn in discretionary capital from over 375 investors throughout the world.

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