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A Private Equity Real Estate Investor Bets Big on Self Storage

February 14, 2023

Single-sector private equity real estate funds are not unusual, but the majority tend to target core real estate assets. But Prime Group Holdings LLC has found success off the beaten path, focusing its funds on niche property types. Investors have poured $2.5 billion into its latest initiative, Prime Storage Fund III, focused on the self-storage space, blowing past the fund’s $1.5 billion target to reach its hard cap of $2.5 billion.

The offering is the largest private equity fund ever raised to exclusively to invest in self-storage properties, according to PERE. Prime announced the closing of the fund Jan. 26, 2023. The commingled fund’s investors include sovereign wealth funds, public pension plans, university endowments, banks, insurance companies, family offices and foundations. Over 30 countries are represented in its investor base. The fund’s base includes both new and repeat investors from Prime’s previous funds.
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