Sterling Organization holds $495m final close

Sterling Organization has held a final close for its fourth discretionary fund, Sterling Value Add Partners III (SVAP III), with total capital commitments of $495 million. Sterling exceeded its fundraising target of $450 million.

Commitments were made by a diverse investor base, including domestic endowments, foundations, private and public pension plans, fund-of-funds and large family offices. With leverage, SVAP III has more than $1.25 billion of buying power.

SVAP III primarily will target grocery-anchored shopping centers, street retail, power centers and mixed-use properties in major markets across the United States. Sterling Organization’s first fund in its value-added series, Sterling Value Add Partners (SVAP I), closed with total capital commitments of $138 million. The second fund in the series, Sterling Value Add Partners II (SVAP II), closed with total equity commitments of $311 million.

Sterling also has a core closed-end fund vehicle, Sterling Uni