Covenant Capital’s Fund X Will Deploy $1.7B Into Multifamily By 2024

Covenant Capital Group’s Fund X plans to invest more than $1.7 billion, including debt, into approximately 40 to 50 multifamily assets over the next three years. To date, Fund X has already closed on 13 transactions, with over $600 million in total capitalization. 

Covenant began raising Fund X in 2020 and blew past its initial target of $400 million. On June 30, Covenant Apartment Fund X, L.P. closed with $600 million of committed capital.

The fund is the largest in the firm’s 20-year history, it said in a statement.

Capital commitments to Fund X capital commitments exceeded those in Covenant’s prior fund, Covenant Apartment Fund IX, L.P by over 50%; for context, Covenant closed Fund IX in 2018 with $395 million of committed capital.

“We are excited to close on our largest fund yet with Fund X,” said Govan D. White, managing partner, and co-founder of Covenant. “The fact that we were able to raise our largest fund during a global pandemic speaks to the confidence our limited partners have in Covenant’s ability to consistently outperform others in our field.”

Fund X received commitments from more than 300 limited partners, with more than 93% of the investors having committed to previous funds.