Harbert United States Real Estate Fund VII, LP announces
BIRMINGHAM, Ala., May 11, 2021 (GLOBE NEWSWIRE) – Harbert United States Real Estate Fund VII, LP, with its parallel fund (“HUSREF VII” or the “Fund”), announces its final closing, bringing new capital commitments own of approximately $ 96 million for a total fundraising of approximately $ 521 million, including co-investment capital. The Fund includes large institutional investors from across the United States and Europe. The US real estate strategy, sponsored by Harbert Management Corporation (“HMC”), has 25 years of success, including 125 investments totaling approximately $ 5.0 billion in volume. “Our US real estate team has provided strong and consistent performance to our limited partners. The success of this fundraising and the quality of the investor base underline the strength of the investment team and the depth of the support infrastructures. We are grateful for the confidence that a growing number of institutions have placed in HMC, ”said Travis Pritchett, President and COO of HMC. Globally, HMC has approximately $ 7.6 billion in regulatory assets under management as of April 30, 2021, which includes approximately $ 3.6 billion in equity committed to its US and European real estate funds.
HUSREF VII focuses on primary markets with strong job growth, diversified economies and deep institutional ownership. The Fund has already invested and committed equity capital totaling $ 315 million in 12 investments, creating a diversified portfolio of industrial, multi-family, office and retail assets. The investment team has a strong pipeline and the ability to be highly selective in making investments that have strong cash returns and the potential for value appreciation.
“In a particularly difficult capital raising environment, we are grateful to our existing investors for their continued support and excited about the strong roster of new investors who have demonstrated confidence in our strategy, our ability to execute and our talented team. to navigate and take advantage of the investment opportunities presented by the dislocation of COVID-19, ”said Jon-Paul Momsen, fund manager for HUSREF VII. “Having successfully invested a significant portion of the capital in a compelling portfolio puts us in an excellent position to profit from the post-COVID-19 recovery while selectively investing the remaining capital and continuing to support us on the strong track record of our predecessor. funds.”
About the HMC
Harbert Management Corporation, an alternative asset management company, is a private company created in 1993 to sponsor alternative investment funds. HMC serves foundations and endowments, funds of funds, pension funds, financial institutions, insurance companies, family offices and high net worth individuals across multiple asset classes. Investment strategies include European and US real estate, senior housing, US growth capital, credit solutions, infrastructure and absolute return funds. For more information about the HMC, visit www.harbert.net.