Waterton raises $920m

The Chicago-based real estate firm closed its latest fund at more than its intended target.

Waterton held a final close at $920 million for the Waterton Residential Property Venture XIII, making it the biggest fund raised by the firm to date.

The fund was launched in 2016 with a $750 million fundraising target. The firm held a first close at $234.28 million in April last year.

There are a total of 14 LPs who have committed to the fund, which include US and Canadian public pensions, US and foreign insurance companies and family offices. The Employees Retirement System of Texas has earmarked $65 million, the Kansas Public Employees Retirement System, has agreed to invest $50 million, and the Orange County Employees’ Retirement System, has committed $100 million.

The firm will use the capital to make value-added investments in the residential sector in North America.

The fund is significantly bigger in size than its predecessor that closed at $511 million in October 2015.