Crow Holdings Raises $3.7B for Value-Add Real Estate Fund

Crow Holdings, a Dallas-based real estate investment firm, held the final close of Crow Holdings Realty Partners X at $3.1 billion. The fund also received nearly $600 million in co-investments.

The fund, which is managed by Crow Holdings’ investment management company Crow Holdings Capital, is the firm’s largest raise to date and is a nearly 35% increase from the $2.3 billion raised for its predecessor fund.

The fund intends to invest in U.S. value-add real estate assets, with a focus on industrial and multifamily, as well as in specialty sector opportunities, including manufactured housing, convenience retail, self-storage, and student housing. Over 25% of the fund’s capital has been committed to 14 investments.

“This fund will continue to selectively invest in real estate assets that we believe benefit most from a number of long-term secular trends that support their continued income growth, primarily in the industrial and multifamily sectors in high growth markets across the country,” said Bob McClain, CEO of Crow Holdings Capital.

The fund saw significant participation from new investors, including global banks, sovereign wealth funds, insurance companies, pension plans, family offices, and high-net-worth individuals.