NorthBridge Partners and Park Madison Partners have closed NB Partners Fund IV, which raised $950M targeting small to midsized infill logistics properties.

The fund is looking for properties in densely populated places, active ports or markets with manufacturing that stand to benefit from reshoring, a trend that has spiked in recent years.

The fund has so far invested about $200M of equity in 23 buildings, according to PERE, even as overall industrial investment has declined. Investment in the sector dropped by 44% year-over-year in the fourth quarter to $81B, CBRE reported.

Despite this overall drop, the NorthBridge fund outraised its target of $800M.

“The combination of strong secular tailwinds for infill industrial real estate set against a backdrop of dislocated capital markets make for a particularly favorable investment environment,” NorthBridge Managing Partner and Chief Investment Officer Greg Lauze said in a statement.

A wide spectrum of investors put money in the fund, according to NorthBridge, including public and private pensions, endowments and foundations, insurance companies, sovereign wealth funds, family offices and high net worth individuals.

About half of the investment total was from existing institutional investors, with the rest coming from new investors, PERE reported, noting that fundraising took about 20 months, longer than usual due to sluggishness in the capital markets.

NorthBridge, founded in 2014, specializes in small to midsized infill logistics.