Heitman raises $1.1bn

The Chicago-based investment firm holds close of fourth fund in value-added fund series founded in 2003.

Heitman held a final close of Heitman Value Partners IV at $1.1 billion, which outstripped its initial target of $750 million.

The fund seeks to invest in property situated in North America, including industrial, multi and single-family rentals, medical offices, self-storage and student housing properties.

HVP IV’s predecessor, Heitman Value Partners III, closed at $420.6 million in April 2015.

Institutional investors in the fund include Alameda County Employees Retirement Association (ACERA), City of Tallahassee Pension Fund, Florida State Board of Administration, New York State Common Retirement Fund and Townsend Group.