Dallas-based Crow Holdings has raised almost $3.7 billion in a new fund to make property investments across the U.S.
The new fund is the largest such capital haul yet for the family-owned investment firm. The Crow Holdings Realty Partners X LP fund includes co-invest agreements totaling nearly $600 million in equity capital.
Crow Holdings plans to use the equity raised from global banks, sovereign wealth funds, insurance companies, pension plans, family offices and high-net-worth individuals to acquire industrial, multifamily, manufactured housing, convenience retail, self-storage, and student housing properties around the country.
More than a quarter of the fund’s capital has already been spent on 14 property investments.
“This fund will continue to selectively invest in real estate assets that we believe benefit most from a number of long-term secular trends that support their continued income growth, primarily in the industrial and multifamily sectors in high growth markets across the country,” Bob McClain, CEO of Crow Holdings Capital, said in a statement. “Our talented team of experienced investment professionals have established a track record of high performance in multiple real estate cycles, and we have conviction about the current opportunities and possibilities.”
More than 70% of the fund’s commitments came from previous Crow Holdings investors. The new fund was almost 35% larger than the $2.3 billion raised for the firm’s previous Fund IX.
“Our successful fund raise, especially in the current challenging equity market environment, is a testament to the faith our returning and new investors have in our ability to identify and secure attractive real estate investments in our core focus areas,” Coe Juracek, Crow Holdings Capital senior managing director of investor coverage, said in a statement. “We are incredibly grateful for their continued support and partnership.”
Crow Holdings — based in Dallas’ historic Old Parkland complex — operates out of 20 offices across the U.S. The company has $31 billion in assets under management.
“We continue to increase and diversify our offerings and adjacent strategies to be of greater service to our investment partners, providing increased access to more of the firm’s core competencies and best ideas,” Michael Levy, CEO of Crow Holdings, said in a statement.
Crow Holdings in 2022 raised about $680 million in a fund to finance construction of more than $1 billion in U.S. apartments. The firm also raised $750 million to fund development of industrial buildings, apartments and other properties.
Crow Holdings last year teamed with an unnamed global institutional investor to create a $2.8 billion investment platform to buy buildings that house shops and eateries.
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