Fifth HMC fund raises €662.4m in final close

The Harbert European Real Estate Fund V (HEREF V) has successfully completed a final close, bringing total equity commitments to approximately €662.4 million ($743 million).

The investor base was comprised of significant institutional players from the United States and Europe.

HEREF V is managed by Alabama-based independent investment firm, Harbert Management Corporation (HMC). The firm focuses on private and public market strategies and has around €5.7 billion ($6.4 billion) in regulatory assets, including €2.8 billion ($3.1 billion) across its United States and European real estate funds.

It is the firm’s largest European real estate fund to date, reports HMC.

The opportunistic fund invests in real estate assets with value-add potential across major markets in Europe, including light industrial and warehouse, office, retail / mixed-use, and residential properties.

HEREF V has already invested €45.6 million ($40.6 million) across three t