Harrison Street Capital Raises $1.1B For Sixth Opportunistic RE Fund

Jun 29 2017 | 11:05pm ET

Real estate private equity specialist Harrison Street Real Estate Capital has raised $950 million in capital commitments for its sixth U.S. opportunistic fund, handily beating its $850 million target. 

In addition to the new fund, named Harrison Street Real Estate Partners VI, L.P., the company also raised an additional $250 million equity capital in co-investment vehicles. Together, the entities continue the company’s focus on the education, healthcare and storage sectors. 

Fund VI’s strategy is consistent with Harrison Street’s opportunistic fund series to provide innovative and flexible capital in the needs-based real estate market, the company said in a statement. It received strong backing from existing Harrison Street investors, representing approximately 70% of total committed capital, and a number of new investors from across the globe. In total, Harrison Street received commitments to Fund VI from more than 65 institutional investors.

Fund VI has already committed $310 million across 34 properties and 17 states, the company added. 

“As capital needs intensify at the top public universities and health systems – groups in need of flexible and innovative capital solutions – we are well positioned to leverage our long-standing relationships to solidify our role as the partner of choice for these institutions,” said Christopher Merrill, co-founder and CEO of Harrison Street, in the statement. 

Headquartered in Chicago and founded in 2005, Harrison Street has invested $17.1 billion across 693 properties in Education, Healthcare and Storage real estate since inception.  During this period, the firm has sold more than 300 properties for a gross transaction value of $6.5 billion. The firm has approximately $12.2 billion in assets under management. 

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