Covenant Capital's New Multifamily Fund to Invest $2B
The company raised $748 million for value-add multifamily investment.
Past investors are continuing to show their faith in Covenant Capital Group and its value-add investments in the multifamily sector by collectively raising $748 million for the firm in its latest fund.
The fund plans to invest more than $2 billion, including debt, into approximately 40 to 50 apartment communities over the next three years. It is the firm’s largest fund ever.
Fund XI includes more than 300 limited partners, with 93% of them having committed to previous funds.
Govan D. White, Managing Partner, and co-founder of Covenant, said in prepared remarks, “The fact that we were able to raise our largest fund in 2022 speaks to the confidence our limited partners have in Covenant’s investment strategy and our ability to consistently outperform others in our field.
White said his company’s value creation efforts have allowed it to acquire and reposition over 245 apartment communities since 2001 with an aggregate value of more than $4.8 billion.
Based in Nashville, Covenant Capital Group has raised more than $3 billion of capital since inception and over $1.7 billion since 2018 to invest in apartment communities.