Heitman Closes $2B Value-Add Real Estate Fund 

Heitman LLC has closed Heitman Value Partners Fund VI (HVP VI) at $2 billion, surpassing its $1.75 billion target and reaching the fund’s hard cap—marking the firm’s largest closed-end fundraise to date. 

Investors also committed an additional $620 million in co-investment capital alongside the fund. Combined with estimated leverage, Heitman expects to have approximately $6.55 billion in total capital to deploy as it builds the portfolio over the coming years. The fund attracted commitments from more than 30 investors across seven countries, reflecting broad global demand. 

HVP VI is designed to generate 12%–14% net returns through a diversified value-add strategy that blends delinked, growth-oriented, and contrarian opportunities. The fund emphasizes demographically driven, less cyclical alternative sectors—including medical office, student housing, senior housing, and self-storage—while also allocating to traditional growth segments such as apartments and industrial. 

“We view this phase of the cycle as an attractive entry point,” said Maury Tognarelli, CEO of Heitman. “Strategies underpinned by secular trends that generate returns from a combination of income and value creation opportunities continue to remain compelling.” 

Since 2004, the Chicago-based firm has deployed five North America-focused value-add funds, representing $12.5 billion in gross cost and $4.5 billion in equity commitments across 103 investments.