The Regents of the University of Michigan has committed $150 million to two real estate funds.
IREI understands the pension fund slated $75 million each for FPA Apartment Opportunity Fund VIII, managed by FPA Multifamily, and HighBrook Property Fund IV, managed by HighBrook Investors — as well as one of its co-investment vehicles.
FPA Apartment Opportunity Fund VIII, which invests in undervalued and/or underperforming multifamily assets in select U.S. markets, closed in March with $1.45 billion of equity commitments. The fund surpassed its target of $1.15 billion in one close.
FPA owns and manages about 42,000 apartment units valued at more than $10 billion in 35 states.
HighBrook Investors acquires and actively manages property investments across North America and Europe that are typically in need of repositioning or restructuring. A fundraising target for
