Lionstone U.S. Value-Add Five raises $745m, surpassing fundraising target

Lionstone U.S. Value-Add Five (LVA Five), a diversified value-add real estate investment vehicle managed by Lionstone Investments, has raised $745 million across a commingled fund and co-investment side car.

LVA Five exceeded its fundraising target of $625 million, completing its final close.

The investor base consisted of partners from the previous fund, LVA Four, as well as new investors from Asia and the Middle East, according to Lionstone.

“We are delighted to expand our flagship value-add strategy with the support of our parent company Columbia Threadneedle Investments,” said Dan Dubrowski, co-founder and head of capital formation. “We also are pleased to welcome new partners to what we believe is a truly differentiated value-add fund.”

Lionstone began marketing LVA Five in late 2018, a year after LVA Four held its $450 million final close. LVA Four inve