Avanath Capital Management has raised $138 million for its Avanath Affordable Housing III, per a SEC filing. The Irvine-headquartered firm began fundraising in 2016 with a $300 million target.
Its previous fund raised $200 million in 2015.
Investors that committed to Avanath Affordable Housing III include the Church Pension Group and TIAA Global Asset Management.
The fund will target value added opportunities in multifamily/residential sectors in the United States.