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Harrison Street 7th US opportunistic real estate fund beats fundraising target

Harrison Street held the final close of its seventh U.S. opportunistic real estate fund at its $1.3 billion hard cap, surpassing its original $950 million fundraising target.

The alternative real asset investment firm said it raised a further $302.5 million in co-investment vehicles to invest alongside Harrison Street Real Estate Partners VII LP, for a total of $1.6 billion of equity raised and total buying capacity of about $4 billion.

The fund, which received commitments from more than 60 global institutional investors, will target assets across the seniors housing, healthcare, student housing, life sciences and storage sectors.

Existing investors contributed nearly 65% of the total committed capital to the fund, in addition to new limited partners.

The investment vehicle has committed 26% of its equity capital and expects more than half of the portfolio to be composed of seniors housing, healthcare delivery and life science investments.