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Waterton eyes up to $1B for latest US apartment fund

Residential specialist Waterton is eyeing a capital raise of up to $1 billion for its latest U.S. apartment fund, IPE Real Assets reported, citing sources familiar with the matter.

According to the report, Orange County Employees Retirement System is considering pouring $100 million into Waterton Residential Property Venture XIII and will be seeking approval for the investment at its upcoming board meeting on Nov. 29.

The pension fund refrained from commenting on the matter, the publication noted.

Waterton is aiming to attract between $750 million and $800 million for the investment vehicle, with a hard cap of $1 billion, and will co-invest roughly 4% of commitments, the publication added, citing the unnamed sources.

The new fund will target net returns of 13% by investing in apartments that are need of renovation. It might consider purchasing debt backed by apartment complexes as well.