Praedium launches $600 million multifamily fund
The Praedium Group has an eighth multifamily fund in the market, according to a filing with the Securities Exchange and Commission. Praedium VIII Multifamily Value Fund has raised $55 million. The fund has a $600 million fundraising goal. In addition, $25 million has been committed to the fund by a non-U.S. investor. A final close date was not disclosed.
The firm's previous fund, Praedium Fund VII, is a $900 million real estate private equity fund with purchasing power in excess of $2 billion. And Praedium Fund VI closed in 2005 with $700 million in equity commitments.
The Praedium Group was formed in 1991 and since inception has completed more than 350 transactions representing $9.1 billion of capital, totaling 72,000 multifamily units and 42 million square feet of commercia