LEM Capital has raised $178 million for its LEM Multifamily Senior Equity Fund IV, according to a SEC filing. The Philadelphia-headquartered firm began fundraising in 2015 with a $300 million target.
Its previous fund raised $226 million in 2014.
Investors that committed to LEM Multifamily Senior Equity Fund IV include the City of Philadelphia Board of Pensions & Investment and the Pennsylvania Public School Employees' Retirement System.
The fund will target senior debt opportunities in multifamily/residential sectors in the United States.