Avanath Capital Management closes fourth discretionary fund at $760m

Avanath Capital Management has completed a final close of its fourth discretionary fund with $760 million in equity commitments, surpassing its target of $550 million.

The fund targets affordable and workforce housing in supply-constrained markets in the United States, with an emphasis on underserved markets.

“Our focus has always been on preserving affordability in underserved markets across the country,” said Daryl Carter, founder, chairman and CEO of Avanath. “As our fourth fund, we plan to continue this mission by bringing institutional capital to these communities, many of which are communities of color.”

The fund’s investor base consists of prestigious institutional investors, including U.S. pension funds, foundations, corporations, banks and family offices; U.K. foundations and family offices; and European pension funds.

More than 50 percent of the capital came from investors in continental Europe and the United Kingdom, and more than 40