Waterton raises $170m for residential fund

Waterton Associates has raised $170 million for Waterton Residential Property Venture XII, according to a filing with the SEC.

The value-added fund launched in June 2013 with a fundraising goal of $500 million. A target close date was not disclosed. The fund will invest exclusively in multifamily properties across the United States. It is expected to generate a gross return of 13 percent.

Institutional investors in the fund include the Employees Retirement System of Rhode Island, which reportedly committed $35 million to the fund in December 2013.

Founded in 1995, Waterton has invested $4.8 billion in total capitalization representing $1.7 billion in equity in the multifamily space. Waterton currently oversees 54 investments representing ap