ASSEMBLY Funds Management has closed the second round of equity funding for the Australian Diversified Property Fund 1, raising a further $53 million to bring total equity to $207 million.
The second round was oversubscribed and follows the $154 million raised from High and Ultra High Net Worth Investors in September last year.
The second close was supported by a mix of new and existing investors.
The fund has now committed over $130 million to a range of investments which are forecast to deliver a gross blended IRR around 18%. Including the new equity, APDF1 now has over $70 million of fresh equity (>$120m with gearing) for new investments in H1 2021.
APDF1 has a hard cap final equity size of $350 million with further funding rounds expected as funds are deployed over the coming year.