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Multifamily fund raises $198m

by Reg Clodfelter

Abacus Capital Group has raised $197.5 million for Abacus Multi-Family Partners III, according to a filing with the SEC.

The value-added fund launched earlier this year with a $300 million fundraising goal. The fund targets multifamily assets throughout the United States with an average investment size of $20 million to $40 million. Net returns are expected to be between 13 percent and 15 percent.

The $23.5 billion Texas Municipal Retirement System committed $75 million to the fund in September.

The fund is expected to have a final close during the first half of 2015.

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