UK residential specialist Hearthstone Investment Management has announced the final close above target of its ten year closed-ended private equity fund, Hearthstone Residential Fund 1 (HRF1), with just over £200 mln (€230 mln).
The Merseyside Pension Fund and the Tyne and Wear Pension Fund have joined as new limited partners in the final investment round, bringing the total number of investors to seven UK local authority pension funds.
The original first close investors were the Derbyshire Pension Fund, Nottinghamshire Pension Fund, Staffordshire Pension Fund, Teesside Pension Fund, and the West Midlands Pension Fund.
'We are delighted to close on schedule our first fund, HRF1, in this key sector,' said Cristoforo Rocco di Torrepadula, partner at Hearthstone Investment Management.
'Exceeding our target fund size is a powerful affirmation of our strategy and ability to source, acquire and manage desirable properties in locations that offer sustainable employment, social and community infrastructure and that combine the aspirations of tenants with the stable income returns expected by our institutional investors,' Rocco di Torrepadula added.