Crow closes $1.85bn value-add fund

The Dallas-based private equity real estate firm has closed its seventh fund, the largest vehicle in the series.

Crow Holdings Capital – Real Estate closed its seventh value-add fund last month, the firm said Wednesday.

The Dallas-based private equity real estate firm garnered $1.85 billion in capital commitments for Crow Holdings Realty Partners VII. Crow closed its sixth fund in the series in August 2013 with $1.1 billion.

Crow plans to invest similarly to its previous funds, buying assets across property types in North America including industrial, retail, office, multi-family, convenience stores and gas stations, hotel and self-storage. A spokeswoman declined to comment on specific acquisitions for the fund, but said the firm has deployed a “significant amount” of capital from the vehicle.

The 90 investors in the seventh fund include Connecticut Retirement Plans and Trust Fund, which allocated $100 million; Illinois Municipal Retirement Fund and South Carolina Retirement System, which each allocated $75 million; and Teachers’ Retirement System of Louisiana and the University of Michigan, which each allocated $50 million, according to PERE Research & Analytics. About 50 percent of the investors in the seventh fund had invested in previous vehicles, including Louisiana Teachers’ and the University of Michigan.

Crow closed its first retail vehicle, Crow Holdings Retail Fund, at $295 million in June. The firm managed $8.78 billion in assets as of September 30.