Harbert United States Real Estate Fund VII collects nearly $350m

Correction: this article has been updated to reflect the most current information about the Harbert United States Real Estate Fund VII.

IREI has learned that Harbert United States Real Estate Fund VII, a value-add real estate fund managed by Alabama-based Harbert Management Corp. (HMC), has secured $347 million in equity commitments, including a $50 million investment from Teachers’ Retirement System of Louisiana.

Targeting $600 million in capital, Fund VII will be HMC’s largest United States real estate fund to date. At year-end 2017, the fund’s predecessor, Fund VI, raised $428.5 million in a final close, surpassing its target of $407 million.

HMC’s investment strategy targets multifamily, office, industrial, and retail properties throughout the United States. The firm focuses on undervalued properties through smaller transactions, typically between $40 million and $100 million, that are too large for individual investors but too small for the