Stockbridge raises $355m

The San Francisco-based firm closes its third value-added fund after 18 months on the road.

Stockbridge Capital Group held a final close of its third value-added fund at $355 million.

Launched in August 2016, Stockbridge Value Fund III will follow the strategy of its predecessors in targeting underutilised real estate assets across multiple sectors within the United States and adding value through active management.

The prior vehicle, Value Fund II, closed in June 2015 on $321 million. According to the San Francisco-based firm’s press release, all limited partners from the second fund have returned to back the latest vehicle.

Commits to Fund III include $50 million each from the Indiana Public Retirement System (INPRS) and the Texas Municipal Retirement System and $30 million from the Montana Board of Investments.