Artemis Real Estate Partners has held a final close of its third value-add real estate fund, Artemis Fund III with $1.010 billion of equity commitments, exceeding its target of $750 million.
93 percent of existing firm investors re-upped in Artemis Fund III and were included in the fund’s first close of $661 million. The fund is the largest yet for Artemis. The commingled fund received strong support from a diverse group of institutional investors, including large public and corporate pension funds, endowments, foundations, and family offices.
Fund III is a fully discretionary vehicle targeting assets across the United States, building on Artemis’ existing national platform. The fund expects to remain diversified across all major product types, with a focus on multifamily, office and industrial and investments in healthcare, self-storage, hospitality and retail.
President Alex Gilbert said, “Fund III positions Artemis to continue investing with existing and new regional operating partners, for whom Artemis can be the capital provider of choice for opportunistic and value-add transactions, as well as core-plus and core transactions.”
The fund’s predecessor, Artemis Real Estate Partners Fund II, held a $580 million final close in 2014. The value-add/opportunistic fund surpassed its $500 million target. It targets situational distress and transitional assets in recovering and growth markets. Artemis Real Estate Partners Fund I held a $436 million final close in 2012.
Headquartered in metropolitan Washington, D.C., Artemis Real Estate Partners is a real estate investment management firm that invests with local operating partners, both established and emerging, in multifamily, office, industrial, retail, hospitality and seniors housing. The firm was co-founded in 2009 by Deborah Harmon and former U.S. Commerce Secretary Penny Pritzker. Harmon and Gilbert run the day-to-day operations.
