Crow Holdings has raised nearly $1.1B for its new fund, which it plans to be its largest ever, to target the multifamily and industrial sectors.
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The Dallas-based real estate investment firm has a $3.25B target for Crow Holdings Realty Partners XI LP, the 11th fund in its series, according to a Securities and Exchange Commission filing last week.
It is already a third of its way to that goal, with backing from 49 investors. The fund has been sold through brokers based in the U.S., Canada, Hong Kong, South Korea, Israel, Japan, Chile and Germany.
If the fund hits its target, it would be the Dallas-based company’s largest capital raise ever, surpassing Crow Holdings Realty Partners X LP, which closed in 2024 at $3.1B, the Dallas Business Journal reported.
The 10th fund raised $800M more than the ninth, and a good chunk of those investments came from previous investors in Crow Holdings. It also landed $600M in equity capital at the beginning of 2024, which pushed its potential total to $3.7B, The Dallas Morning News reported.
Crow Holdings was founded more than 75 years ago as the holding company for Trammell Crow's family investments and now has $35B in assets under management and 20 offices across the country. A spokesperson for the company declined to comment.
The firm has developed roughly 300,000 multifamily residences in projects that total $173B and more than 80M SF in industrial projects that total nearly $10B, according to its website. Its subsidiaries include Crow Holdings Capital, its investment arm, and multifamily developer Trammell Crow Residential.
Crow Holdings, which is chaired by Harlan Crow and led by CEO Michael Levy, has proposed turning an exhibition hall in Dallas into a 40-acre, 245-megawatt data center campus.
The fund comes as commercial real estate fundraising is on an upswing for the first time since 2021. Global private real estate funds raised 13% more in 2025 compared to 2024, according to an S&P Global report.
In the last couple of months, Starwood Capital Group raised $10.2B from 300 investors for an opportunistic real estate fund, and Ares Management Corp. raised $5.4B for value-add real estate across the U.S. and Europe.
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