The fourth US value-add real estate fund set up by to raise $750m (鈧�660.3m) has exceeded its target by 50% at final close.

The manager said Heitman Value Partners IV (HVPIV) fund received capital commitments of more than $1.1bn and has so far invested or committed 44% of the fund鈥檚 investable capital to investments.

The amount raised by HVP IV also surpasses the $421m raised in 2015 for Value Partners III.

As previously reported, New York State Common Retirement Fund approved a $150m commitment into HVP IV and the same amount into manager鈥檚 HVP IV Sidecar I. Florida State Board of Administration also approved a $75m allocation to HVP IV.

Maury R Tognarelli, the CEO of Heitman, said: 鈥淲e are pleased to announce the final close of Heitman Value Partners IV and are grateful for the strong support from our clients that allows us to execute our North American value-added investment strategy.

鈥淲e remain constructive in the later stage of the economic and investment cycle, and continue to see opportunities in today鈥檚 complex market environment that will serve our client鈥檚 property investment objectives.鈥�

HVP IV鈥檚 investment objectives are to assemble a diversified portfolio of traditional and speciality property types.

Investments are primarily made through property-level joint venture partnerships with public and private real estate investment trusts and real estate operating companies, that can benefit from the use of additional capital to create value.

Thomas McCarthy, a senior managing director and portfolio manager for the Heitman Value Partners fund series, said: 鈥淥ur strategy for HVP IV is to identify investment themes that position the fund to outperform through the market dynamics that occur during its life.

鈥淲e continue to focus on diversified investments in property sectors that are delinked or less-linked to the broader economy, will benefit from ongoing secular shifts, and work with seasoned real estate operators in order to execute our value-creation investment strategies.鈥� 

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