Just closed: LEM Capital raises $178m

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LEM Capital has raised $178 million for its LEM Multifamily Senior Equity Fund IV, according to a SEC filing. The Philadelphia-headquartered firm began fundraising in 2015 with a $300 million target.

Its previous fund raised $226 million in 2014.

Investors that committed to LEM Multifamily Senior Equity Fund IV include the City of Philadelphia Board of Pensions & Investment and the Pennsylvania Public School Employees' Retirement System.

The fund will target senior debt opportunities in multifamily/residential sectors in the United States.