Private equity real estate investment firm Elion Partners raised $500 million in equity commitments to close its latest affiliated value-added fund, Elion Real Estate Fund V.
With commitments from Vintage Funds within Goldman Sachs Asset Management, Wells Fargo Bank N.A., Belay Investment Group, BGO Strategic Capital Partners, Artemis MWBE Spruce Program, Portfolio Advisors, and other US institutional investors and family offices, the fund was able to achieve its hard cap of $500 million.
The fund will target logistics real estate assets in core infill US coastal markets. So far, it has deployed 60% of the fund's commitments across 21 assets, according to Juan DeAngulo, managing partner of Elion. "We look forward to investing the remainder of the fund utilizing our pipeline of opportunities."
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Elion Real Estate Fund V is the firm's first institutional industrial fund and is one of the only funds sponsored by a diverse ownership team. "As an emerging and diverse manager, the successful fundraise of our latest closed-end vehicle represents an important milestone in the institutional growth of Elion's platform," said Lindsey Sugar, senior managing director of Capital Markets in a prepared statement.
The hot logistics sector is attracting a lot of funds. In late July, GLP Capital Partners of GCP closed what it said was the largest discretionary closed-end fund focused on North American logistics real estate ever raised.
At over $2.3 billion the fund, GLP Capital Partners IV, exceeded its parent's $2 billion target.
In late June, Xebec, a Dallas-based industrial development and investment management platform, announced that BentallGreenOak was investing $475 million of equity in Xebec-sponsored ventures.
The strategic partnership includes an initial $170 million joint venture with Xebec Logistics Trust in a portfolio of stabilized core assets and an initial commitment of up to $305 million to Xebec's future investment opportunities.
Also in June, Invesco Real Estate and Jera Asset Management formed a joint venture called Mercury Trust to purchase up to $3 billion in industrial assets over the next three to five years.
The joint venture was seeded with nearly $500 million of assets throughout the country acquired or under contract to be acquired in the near future.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
