Institutional fund manager BKM Capital Partners raised $160 million for its second industrial real estate vehicle at first closing.
The capital comprises $135 million in equity commitments and $25 million in co-investments. BKM also has soft-circled equity commitments totaling $100 million from U.S. and European institutional investors, according to a news release published on The PE Hub Network.
BKM Capital co-founder and Chairman Nima Taghavi said in the release that the investor base for BKM Industrial Value Fund II LP includes a U.S. college endowment, state pension fund, insurer and fund of funds; a German trust; and a Canadian family office.
The fund will focus on the purchase, improvement and repositioning of distressed and undervalued multitenant light-industrial properties across the western U.S., with a focus on strong growth markets.
The firm has already purchased four assets for the vehicle, including Hughes Airport Center II in Las Vegas; Activity Business Center in San Diego; Inverness Business Park in Denver; and Expo Centre in Sacramento, Calif., with two additional properties in escrow, according to the release.