Hines holds first close for new tactical fund
Hines has launched a new flagship tactical fund series, targeting 30 of the largest U.S. metropolitan statistical areas in the United States.
Hines U.S. Property Recovery Fund (HUSPRF) is a closed-end, diversified fund that will pursue investments across the four major property types — residential, industrial, office and mixed-use assets — as well as certain niche product types, including student housing, senior housing, data centers, self-storage and life sciences.
HUSPRF already has $590 million of equity committed, giving the fund nearly $1.5 billion in immediate investment capacity. Investors also have allocated an incremental $150 million for co-investments alongside the fund.
In total, the fund is targeting a final equity raise of $1 billion, with a purchasing power of $2.5 billion after leverage. The fund’s first closing comprises a wide set of foreign and domestic institutional investors, including pension funds, financial institutions, family offi