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BIRMINGHAM, AL—Harbert Management Corp. has announced its final close on the Harbert Seniors Housing Fund II with total equity commitments coming to approximately $510 million. The fund, which closed on April 30, invests in senior housing properties across the US.
To date, there have been eight transactions from the fund that include three joint venture development opportunities. The investments total nine senior housing properties across the US that vary in geography, operator and acuity. HMC said the investment team will continue to focus on opportunities that exhibit consistent, reliable cash flow and that yield enhancement potential.
The investors of the fund include institutional and private investors from domestic and international sources. Brian Landrum, co-fund manager for the fund, said they're excited about the confidence shown in their investment strategy, team, and asset management execution capabilities.
"We are thankful for the continued support of our existing investors and excited by the strong group of new investors," Landrum said.
This is the second senior housing fund for HMC. Harbert Seniors Housing Fund I totaled $209 million which included co-investment capital and is fully committed across 30 properties with nine operators.
"Having successfully raised our second pool of discretionary capital puts us in an excellent position to continue to build a high-quality portfolio of seniors housing properties through our operating partner relationships," Trent Johnson, co-fund manager for the fund, added.
HMC, a Birmingham, Ala. based alternative asset management firm, manages approximately $7.4 billion of regulatory assets under management as of March 31. Travis Pritchett, senior vice president and global head of real assets for HMC, said their team is "uniquely positioned to deliver strong results to our limited partners."
"The success of this fundraise and the quality of the investor base highlights the strength of the Investment Team and the depth of supporting infrastructure. We are grateful for the trust that a growing number of institutions have placed in HMC," added Pritchett.
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