IRVINE, CA-Multifamily investment, development and management specialist Western National Group has completed the initial closing of its second private equity fund with more than $200 million in equity commitments. The new vehicle is called Western National Realty Fund II LP, or Fund II.

Those who have committed to Fund II consist of “several top-tier institutional investors,” according to Michael K. Hayde, chief executive officer of locally based Western National. He notes that this was the initial closing of Fund II and that its final close, to take place in 2008, will total at least $300 million of equity commitments.

Fund II is focused solely on multifamily acquisitions and development projects. The current investors include primarily major state employee pension funds, life insurance companies and investment banks, but also include many of Western National’s long-term high-net-worth investors.

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