Catalyst Closes $400M Fund to Scale IOS Portfolio
Catalyst Investment Partners has closed its third industrial outdoor storage (IOS) fund at its $400 million hard cap, exceeding the vehicle’s original $300 million target. Fund III moved from first to final close in just seven months, drawing commitments from pension funds, endowments, foundations, and family offices.
Founded in 2021 by former SL Green colleagues Dan Haroun and Max Heiden, the 32-person Catalyst team has assembled a portfolio of more than 140 IOS sites across densely populated, high-barrier-to-entry markets. With Fund III, the firm expects to expand to more than 250 sites and grow the platform to approximately $1.5 billion in gross asset value.
“The oversubscription of Fund III underscores the growing recognition of IOS as a durable real estate asset class and our highly differentiated approach to the sector,” said Heiden, Co-Founder and Partner at Catalyst.
Catalyst said demand for IOS properties remains strong across a wide range of credit tenants, including data center and infrastructure contractors, autonomous vehicle fleet operators, EV charging networks, equipment rental providers, waste management companies, logistics operators, and building materials distributors.
“We’re extremely proud of our team for their hard work and dedication, which is keeping Catalyst at the forefront of this emerging category,” added Haroun, Co-Founder and Partner. “As capital continues to form around the sector, Catalyst is well positioned to take advantage of the opportunity.”
Incubation Capital served as exclusive placement agent for Fund III.