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$500M Heitman Fund Reaches Final Close


Heitman Value Partners III reached a final close of $500M today. The Heitman LLC commingled fund had an original target of $400M. Investors include: Missouri Education Pension Trust; the Memphis Light, Gas and Water Commission; and the City of Bristol Fire Retirement Board, CoStar Group reports. The fund, headed up by senior managing director Tom McCarthy, can acquire up to $1.5B of real estate, and 40% of its equity capital has already been invested or committed. Future investment strategies include forming JVs with public and private real estate operating companies. [CoStar]