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Prime Group Sets Record with $2.5B Raise for Third Self-Storage Fund

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.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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