SAN FRANCISCO-HRJ Capital has completed fundraising for its third real estate fund of funds, having garnered $155 million of equity commitments. The equity is being invested in US and international real estate funds.

The investors in HRJ’s fund include endowments, foundations, corporate plans, family offices, investment advisors and select high net worth individuals from the US, Europe and Asia. HRJ chief executive Ed Rodden tells that at least half of the total equity raised was committed by investors in HRJ’s first two funds of funds.

The third fund is being overseen by Howard Fields, managing director of Global Real Estate Investments for HRJ Capital. Rodden says the equity has been committed to 10 fund managers across the Global Opportunistic, US Value-Enhanced and Non-US Value-Enhanced real estate investment sectors.

Rodden says the fund of funds structure provides investors with diversification across US and international markets in a variety of real estate investment styles. When asked about performance, he says “we’re targeting this to be top-quartile, opportunistic real estate fund, which historically has meant a 15% to 20% net IRR to investors.”

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