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Just closed: DRA Advisors gathers $553m

Pennsylvania Public School Employees’ Retirement System has committed to the fund.

DRA Growth and Income Fund IX has held a second close, collecting $553m towards its $1.25 billion target. The fund, which was launched in April 2016, will continue to use a value-add approach to invest in diversified sectors in the US, including office, retail, multifamily and industrial.

Pennsylvania Public School Employees’ Retirement System is one of the investors in the vehicle.

The previous fund in the series, DRA Growth and Income Fund VIII, gathered $1.35 billion in June 2014, surpassing its target of $1 billion.