Argosy Real Estate Partners said June 15 that it raised $286 million at the final close of its Argosy Real Estate Partners IV LP fund, surpassing the $250 million target size.

Insurance companies, foundations, family offices, as well as high-net-worth individuals from the U.S., Europe and Asia invested in the fund.

The closed-end real estate opportunity fund will focus on multifamily, commercial, lodging and for-sale residential land investments in the U.S., targeting investments of between $5 million and $20 million in the lower middle market.

The investment vehicle has committed roughly $60 million of capital so far and has further deals in its pipeline.