Crow Holdings Closes $750M Development Opportunities Fund Fund

Buoyed by the strong support from new and existing investment partners, including over $200 million from private wealth sources, Crow Holdings announced the final closing of Crow Holdings Development Opportunities Fund I, L.P. (DOF).

The fund will be managed by Crow Holdings’ investment management company, Crow Holdings Capital and will focus on the development of industrial, multifamily, and select specialty properties.

The fund reached its hard cap of $750 million in total commitments over a six-month fundraising period and was oversubscribed shortly after the first close in September 2021, providing total anticipated capitalization, including anticipated leverage, of more than $1.5 billion. 

DOF is an extension of the strategy seen in the firm’s earlier Crow Holdings Realty Partners IX, L.P. fund, which was oversubscribed with approximately $2.3 billion of commitments that had a final close in September of last year. 

Fund Has Approved Pipeline

Given the current level of opportunity in the market for industrial and multifamily development, DOF is substantially committed with an approved pipeline.

“The continued opportunity in the US logistics and housing sectors is unprecedented in my 30-plus-year career,” Bob McClain, CEO of Crow Holdings Capital, said in prepared remarks.

“We maintain high conviction in these sectors and anticipate attractive risk-adjusted returns for further development, spurred by the importance of supply chain management, sustained consumer adoption of e-commerce, emphasis on housing affordability, and shifting generational demographics — factors that, we believe, will continue to drive U.S. real estate opportunities for years to come.”