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Equus returns to the fundraising trail – Exclusive

The firm is seeking up to $500m for its eleventh value-added vehicle.

Equus Capital Partners is gearing up for its eleventh fundraise, PERE has learned.

For its latest fund, the firm has a $350 million target and a $500 million hard-cap. Equus plans to continue the investment strategy for the fund series, which targets investing one-third of its funds’ capital in office; one-third in multifamily; and one-third in other property types, including industrial and retail real estate, PERE previously reported.

The Philadelphia-based private equity real estate firm declined to comment on the fundraise.

The firm closed its predecessor vehicle, Equus Investment Partnership X, in January on $361 million after about two years in the market, PERE previously reported. When the tenth value-added fund closed, it was already about halfway deployed.

Equus is targeting a 12 percent or greater net internal rate of return for Fund XI. Its predecessor vehicle, which is about 75 percent invested, has generated a 13 percent net IRR to date.

The firm is focusing on a similar investor base to the predecessor vehicle. Fund X’s investors included public and corporate pension plans, high-net-worth individuals and Taft-Hartley plans. San Joaquin County Employees’ Retirement Association earmarked $25 million and Montana Board of Investments invested $20 million, according to PERE data.

Equus’s latest publicly-available transaction was the April acquisition of Rotunda, a 230,000 square foot suburban office in Charlotte, North Carolina, according to data provider Real Capital Analytics. The firm bought the building, which was 91 percent occupied, for $60 million from Deutsche Asset Management.

Equus oversees about $4 billion in assets, according to its website.