Dermody Properties LLC has closed its third commingled fund, the Dermody Properties Industrial Fund III, L.P.

Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, says DPIF III raised $1.1 billion. The fund, which exceeded its target fundraising goal of $800 million, has a number of investors, including public and corporate pension funds, insurance companies and other institutional investors. Dermody says nearly all of the investors from its first and second fund investors committed to DPIF III. In addition, there were significant new investors.

"We are very pleased about our fundraising success for DPIF III and the retention of our strong institutional partners from DPIF I and II, as well as expanding our base of like-minded investors," Kathleen S. Briscoe, partner and chief capital officer at Dermody Properties, said in a prepared statement.