Savanna Investment Management LLC's latest value-added real estate fund closed on $591 million, near the top end of its $500 million to $600 million fundraising target, PERE News reported.
Savanna Real Estate Fund IV, which had a hard cap of $750 million, raised the capital from public and private pension funds, insurers, high-net-worth family offices, foundations and wealth management companies across North America, South America and Europe. Most of the vehicle's investors were existing backers of Savanna's previous funds.
Similar to Savanna's predecessor funds, the latest vehicle seeks to acquire transitional New York City properties that require physical improvements or recapitalization. The fund has made two acquisitions to date, PERE noted.
Savanna did not comment on the fundraising, according to the report.
