LEM Capital has raised $330.8m (鈧�285.4m) for its fifth US multifamily real estate fund.
As previously reported, Pennsylvania Public School Employees鈥� Retirement System made a $100m commitment to the LEM Multifamily Fund V fund which was seeking to raise $400m to buy value-add properties. The pension fund also backed LEM鈥檚 predecessor fund.
LEM said the amount raised at final close exceeded LEM鈥檚 internal target of $300m, adding that over 80% of investors in the fund were repeat investors from previous private equity offerings including the two lead investors.
LEM invests in apartment properties located in primary and secondary markets on the east and west coasts, the four major cities in Texas, Phoenix, Denver, Minneapolis, Chicago, Nashville and other cities on a select basis.
Jay Eisner, a founding partner of LEM Capital, said: 鈥淕iven the uncertain environment, we feel fortunate to have exceeded our internal target of $300m.
鈥淲e are grateful to all of our investors for their continued support of LEM, but especially to our lead investors who each increased the commitments to this fund.鈥�
Allison Bradshaw, MD of LEM Capital, said: 鈥淥n the acquisition front, we are starting to see more 鈥榞reen shoots鈥� with more deals coming to market.
鈥淒eal volume is certainly lower than it was this time last year, but we believe that our disciplined fund size and diligent investment process should allow us to find investments that offer the opportunity to achieve our targeted returns.鈥�
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