Crow Holdings closes real estate fund of $2.3B – Dallas Business Journal – Dallas Business Journal

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Dallas real estate investment titan Crow Holdings has raised $2.3 billion in its largest fund to date, the firm announced Tuesday.
Crow Holdings raised the oversubscribed fund entirely during the COVID-19 pandemic, with a strategy primarily targeting multifamily and industrial investment and development. The firm has already deployed more than 63% of the fund’s capital across 62 investments in the Southwest, Southeast and Mountain regions of the U.S.
“This successful close demonstrates appreciation for our firm’s longstanding track record, real estate expertise and especially our early recognition of the significant tailwinds behind logistics and e-commerce demand, shifting population demographics and changing housing preferences as integral to our differentiated investment strategy,” said Crow Holdings CEO Michael Levy in a prepared statement.
The fund, titled “Crow Holdings Realty Partners IX,” will be managed by Crow Holdings’ investment management company Crow Holdings Capital. Crow Holdings Capital CEO Bob McClain said that Fund IX’s investments are already generating “strong” results and returning capital. He added that the firm’s pipeline in the industrial, multifamily and specialty sectors — convenience and gas, self-storage and student housing — will present the opportunities for the fund throughout its deployment timeline.
Fund IX also closed on co-investments of $265 million in equity capital, totaling about $2.6 billion in investable equity for target properties.
Crow Holdings’ latest fund, along with marking its largest, also brought in about $1 billion more than its predecessor. Existing and new investors across institutions and high net worth individuals contributed to the fund, exceeding its $2 billion hard cap. Hodes Weill Securities, LLC acted as placement agent for Fund IX.
The fund close comes weeks after Crow Holdings announced it has partnered with a United Arab Emirates-owned investment company to develop about $1 billion in class-A industrial projects in the United States 
Crow Holdings, founded 70 years ago, has grown to a $21-billion-asset firm and the second-largest real estate developer in North Texas, according to Dallas Business Journal analysis.
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