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January 24, 2021
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Avanath Capital Management Closes Fourth Fund with $760 Mil in Equity Commitments

1/11/21

Avanath Capital Management LLC has closed its fourth discretionary fund with a total of $760 mil in equity commitments, which is significantly above the fund’s original commitment target of $550 mil. The fund will target affordable/workforce housing assets in supply-constrained markets with high barriers to entry that are poised for strong job, income, and economic growth.

“Our focus has always been on preserving affordability in underserved markets across the country,” explains Daryl Carter, Avanath’s Founder, Chairman and CEO. “As our fourth fund, we plan to continue this mission by bringing institutional capital to these communities, many of which are communities of color. In fact, our entire Avanath team is extremely diverse, which we believe allows us to better serve residents and our investors.”

The investors in the fund consists of a variety of prestigious institutional investors including US pension funds, foundations, corporations, banks, family offices, UK foundations and family offices and European pension funds. Affiliates of the Accord Group based in San Francisco and London and Selinus Capital of Frankfurt, provided placement services regarding the identification and closing of the European and U.K. investors within the Fund. In fact, more than 50% of the capital in the fund is from European and UK investors and more than 40% of the fund was raised throughout the pandemic, according to John R. Williams, President and CIO at Avanath.

“The need for quality affordable housing and the affordability crisis in the U.S. in not going away,” says Williams. “It is actually being exacerbated in the current environment. As institutional investors continue to recognize this ongoing demand and the stability of affordable housing even in times of uncertainty, we will continue to see strong capital flows to the sector. Foreign investors also continue to find U.S. affordable housing particularly attractive given its ability to act as a stable and durable portion of their portfolio because of its increasing demand and limited supply across the U.S. Our European and UK, as well as our US investors, are also extremely attracted to Avanath’s strong commitment to ESG and Social Impact programs and goals.”

To date, Avanath has acquired or has under control 16 assets (3,234 units) within the fund totaling $387 mil in investment equity. Avanath Capital Management currently has more than $2.5 bil in AUM totaling 88 apartment communities and more than 11,000 units. Avanath was represented by the New York office of Debevoise & Plimpton, along with Frankfurt and Luxembourg offices of Clifford Chance.




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