Prime Group Holdings Closes Colossal Self Storage Fund at $2.5B
Prime Group Holdings, one of the largest private owners of self storage assets in North America, has closed its third flagship fund at the hard cap of $2.5 billion, exceeding its target of $1.5 billion.
Prime Storage Fund III is the company’s largest fund to date and the largest fund ever raised focused exclusively on self storage, according to the firm.
The fund was backed by a diverse global base of new and existing investors, including sovereign wealth funds, public pension plans, university endowments, banks, insurance companies, family offices and foundations. More than 30 countries are represented in the fund’s investor base.
Fund III will acquire self storage assets in undersupplied markets across the United States and streamline operations through institutional management.
“We continue to identify opportunities to aggregate and institutionalize ownership and management across the North American self storage market,” said Douglas Kotelly, CIO at Prime Group Holdings. “We have deployed capital from Fund III into assets for which we believe we can execute value-add business plans and best utilize our management capabilities.”