Artemis Real Estate Partners raises $1.01bn

The Maryland, US-based real estate investment management firm has closed its third value-add fund well above target.

Artemis Real Estate Partners Fund III has held a final close at $1.01 billion, exceeding the original target of $750 million. The value-add fund targets US-based multifamily, office, industrial, healthcare, self-storage, hospitality and retail assets.

The fund’s investor base includes the Illinois Municipal Retirement Fund, the Virginia Retirement System, the District of Columbia Retirement Board and Oklahoma Teachers’ Retirement System. Ninety-three percent of the fund’s investors are existing relationships for Artemis Real Estate Partners.

The predecessor vehicle, Artemis Real Estate Partners Fund II, held a final close at $580 million in May 2014.