NorthBridge Seals $950M Raise for Infill Logistics Fund
NorthBridge Partners and Park Madison Partners held the final close of the oversubscribed NB Partners Fund IV, LP at nearly $950 million, including both limited partner and general partner commitments, eclipsing the initial $800 million target.
The fund’s limited partners include public and private pensions (In December 2023, New Mexico State Investment Council committed $100 million to the fund with another $50 million allocation to a co-investment vehicle), endowments and foundations, insurance companies, sovereign wealth funds, asset managers, family offices, and high net worth individuals.
NorthBridge, based in Boston, debuted its value-add logistics strategy in 2014, with the purpose of purchasing, upgrading, and developing small-to-medium sized infill logistics assets in chosen coastal U.S. regions.
The fund targets markets that benefit from high population density, significant port activity or clusters of advanced manufacturing that benefit from reshoring trends, the firm said.
“We believe that 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,” said Greg Lauze, managing partner, and CIO of NorthBridge.
NY-based Park Madison Partners, LLC is a capital markets and advisory firm for global real estate alternative investments. Since its formation in 2006, the firm has advised on over $27 billion in private capital placements for a wide range of real estate vehicles including closed-end funds, open-end funds, separate accounts, programmatic joint ventures, and recapitalizations.
The firm served as the exclusive placement agent.
