LEM Capital Holds Final Closing of Fund III: $226 Million Raised in Latest Fund

Philadelphia, PA – LEM Capital, L.P. (“LEM”) today announced the successful final close of the firm’s third private equity fund (“Fund III”), with $226 million of capital commitments from state, municipal and union pension plans, endowments, foundations, family offices and high net worth investors. With the closing of Fund III, LEM’s committed capital from its three funds now totals more than $690 million.

“We appreciate the support we received from our limited partners in this fundraising,” said LEM founding partner Herb Miller. Fund III continues LEM’s business of investing senior equity with high-quality, local real estate operating companies, to acquire multifamily value-add properties. Fund III has invested $115 million of equity in 23 multifamily properties with over 4,600 units located in Florida, Texas and Southern California, and continues to target transactions with total capitalizations ranging from $20 million to $50 million. LEM targets infill locations in markets on the east and west coasts, the four major cities in Texas, Chicago, Denver, Minneapolis and other cities on a select basis.