Alterra Property Group close Alterra IOS Venture III with 925m raised

Philadelphia-based Alterra Property Group and New York City–based Park Madison Partners today announced the final close of Alterra IOS Venture III, which will invest in industrial outdoor storage (IOS) assets.

Venture III was oversubscribed with $925 million of total commitments, exceeding the original fundraising goal of $750 million and surpassing the hard cap of $850 million. Limited partners in the fund included a diverse mix of public and private pensions, endowments and foundations, sovereign wealth funds, asset managers, family offices, and high-net-worth individuals.

“The IOS sector is a $200 billion market that is highly fragmented and opaque due to the lack of institutional ownership and available market data. As a first mover in the space, Alterra has acquired more than 250 properties across 30-plus states, providing Alterra unique insights into the market. Venture III is the largest IOS dedicated pool of discretionary capital raised to date and will