Trammell Crow Company Update 02/22/24

Crow Holdings Closes Tenth U.S. Diversified Value-Add Real Estate Fund at $3.1 Billion

Crow Holdings, a leading national real estate investment and development firm, announced the final close of Crow Holdings Realty Partners X, L.P. (“Fund X” or the “Fund”) at $3.1 billion of commitments with more than 70% of prior investors re-upping their investment in the flagship value-add fund series, and with significant participation from new investors that includes global banks, sovereign wealth funds, insurance companies, pension plans, family offices, and high-net-worth individuals. In addition to investments in the primary Fund, the Fund manager secured co-invest agreements totaling nearly $600 million in equity capital, resulting in the potential for approximately $3.7 billion in total investable equity for the strategy.

Fund X, which is managed by Crow Holdings’ investment management company Crow Holdings Capital (CHC), marks the firm’s largest fundraise to-date and is a nearly 35 percent increase from the $2.3 billion of commitments raised for the predecessor Fund IX. The Fund intends to invest in value-add real estate assets across the U.S., primarily in industrial and multifamily, as well as in specialty sector opportunities, including manufactured housing, convenience retail, self-storage, and student housing. More than 25% of Fund X’s capital to date has been committed across 14 investments.

“Our successful fundraise, especially in the current challenging equity market environment, is a testament to the faith our returning and new investors have in our ability to identify and secure attractive real estate investments in our core focus areas,” said Coe Juracek, Crow Holdings Capital Senior Managing Director of Investor Coverage. “We are incredibly grateful for their continued support and partnership.”

“This fund will continue to selectively invest in real estate assets that we believe benefit most from a number of long-term secular trends that support their continued income growth, primarily in the industrial and multifamily sectors in high growth markets across the country,” said Bob McClain, CEO of Crow Holdings Capital. “Our talented team of experienced investment professionals have established a track record of high performance in multiple real estate cycles, and we have conviction about the current opportunities and possibilities.”

“We believe this fundraise represents not only our partners’ confidence in the series’ performance, but also an appreciation of the growth in the platform,” said Michael Levy, CEO of Crow Holdings. “We continue to increase and diversify our offerings and adjacent strategies to be of greater service to our investment partners, providing increased access to more of the firm’s core competencies and best ideas.”

The close of Fund X brings the total amount of capital raised across all 10 vintages of the U.S. Diversified Value-Add Real Estate Funds and other CHC-managed vehicles to more than $15.6 billion since 1998.

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