Harrison Street plans to take advantage of what it sees as undervaluing assets after raising $2.5 billion.

The capital comes from the alternative real estate asset-focused firm's final closure of its Harrison Street Real Estate Partners IX Fund. The company now has more than $7 billion in buying power and received roughly 60 percent in commitments from existing fund series investors. Also, Harrison garnered support from new global institutions, foundations, endowments, sovereign wealth funds, insurance companies, Taft-Hartley plans, as well as corporate and public pension plans.

The fund marks Harrison's ninth installment of its US opportunistic series, which aims to capitalize on assets with macroeconomic headwinds but have "demographically-driven demand," the company said in a statement. Already, Fund IX has allocated 70 percent of its capital towards 70 properties in seven asset classes. This includes data centers, student housing, and senior housing. Harrison anticipates the remaining equity in the fund will focus on purchasing "well-located but underperforming assets, as well as those with strained capital structures in need of liquidity, offering distressed pricing."