Dallas-based Phoenix Capital Partners has raised $231 million for its ninth value-add real estate fund, a document filed with the SEC on Nov. 15 has revealed. Launched in December 2018, the fund was backed by 284 investors, according to the document.
An equity fundraising target for Phoenix Real Estate Fund IX was not disclosed.
In 2017, the fund’s predecessor, Phoenix Real Estate Fund VIII, held a final close with $225 million in capital commitments. The opportunistic real estate fund invested in middle-market U.S. multifamily properties through joint ventures and followed the same investment strategy as its predecessor, Phoenix Real Estate Fund VII, which held a $150 million final close in 2016.
Phoenix Capital invests in real estate joint venture projects on behalf o
