Avanath Capital Management raises $388m

The Irvine-headquartered firm closes two funds.

Avanath Capital Management held a final close at $338 million for its Avanath Affordable Housing III and $50 million for its Avanath III NY co-investment fund.

Investors of the fund include The Church Pension Group, TIAA Global Asset Management, BMO Harris Bank and Michigan Department of Treasury.

The firm will use the capital to make value-added investment in North America’s residential sector.