Multifamily fund raises $198m
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.