Prime Group Sets Record with $2.5B Raise for Third Self-Storage Fund
Prime Group Holdings, the Saratoga Springs, NY-based private equity real estate firm, raised a record-breaking $2.5bn for its third value-added dedicated self-storage fund, Prime Storage Fund III, easily surpassing its hard cap of $1.5bn.
Prime Group’s raise comes two months after GLP Partners closed a $1.5bn storage fund (GCP SecureSpace Property Partners) – a record at the time.
“We are grateful for the support from our new and existing investors as we seek to continue to capitalize on a resilient asset class to deliver market-leading investment performance,” said Robert Moser, Prime Group’s Founder, Principal, and Chief Executive Officer.
The fund has already deployed 18% of its total equity, according to the firm.
As one of the largest owners of self-storage assets in North American, and with more than $4bn in assets under management in 28 states, Prime Group operates a self-storage portfolio of 250 facilities comprising more than 17.7 million rentable square feet.
