Avanath Capital Management has raised $200m (鈧�182m) for its second affordable-housing fund.
The investment manager said 10 investors, including three state pension funds, backed the Avanath Affordable Housing II fund.
Two banks, three insurance companies, one foundation and one family office also committed capital.
John Williams, president and CIO at Avanath, said: 鈥淪ix of our 10 investors are repeat investors, which speaks to the strength of our first fund.
鈥淲e are also gratified that our fund has appeal across such a broad spectrum of investor types.鈥�
Avanath, which buys and operates US affordable and workforce housing assets, focuses on supply-constrained markets.
鈥淲ith anticipated returns at 13-15% net to investors, we and all of our investors are focused on bottom-line profitability,鈥� Williams said.
鈥淭he breadth of financial organisations involved in our second fund also shows support for the value of the social benefits we provide.鈥�
Following the fund鈥檚 first close in late 2013, Avanath Affordable Housing II invested in 13 affordable and workforce multifamily assets in California, Washington DC, New York City, Orlando, Florida, Naples and North Carolina.
Approximately 25% of the $200m is still available for investment, Williams said.
Avanath Capital Management currently has 31 multifamily properties under management and ownership.
