Sterling Closes Fund with $311M in Commitments

PALM BEACH, FL—The Sterling Organization reports the final closing of its second discretionary closed end real estate fund—Sterling Value Add Partners II, LP. The fund exceeded its fundraising target and raised commitments of $311 million.

The locally-based privately owned real estate investment and services firm states that the fund’s original target was $275 million. With leverage, Sterling Value Add Partners II, LP has more than $1 billion of buying power, Sterling officials say. Commitments were made by a diverse investor base that includes domestic endowments, foundations, private and public pension plans, fund of funds and family offices, the company states.