Milwaukee-based Hammes Partners held a final close for its latest healthcare real estate fund at $687 million. Hammes Partners III, which was oversubscribed and closed at its hard cap, will continue the firm’s strategy of investing in healthcare outpatient facilities.
The fund’s limited partners include a variety of institutional investors and public pensions, including the New Jersey Division of Investment, which committed $50 million; the New Mexico Educational Retirement Board at $30 million; and the Ohio Bureau of Workers’ Compensation at $50 million.
The predecessor vehicle, Hammes Partners II, also closed above target after raising $430 million in 2014.
Probitas Partners served as placement agent and Gibson, Dunn & Crutcher LLP served as legal counsel for the firm.
Hammes Partners is an affiliate of the Hammes Company, a healthcare consulting firm.