In brief: Avanath gathers $760m for affordable housing impact Renaissance fund

Avanath has pivoted from managing a series of closed-end affordable housing funds to a single evergreen fund.

Avanath Capital Management, a US affordable housing impact firm, has raised $760 million for its evergreen Renaissance fund, SEC filings show. The Avanath Affordable Housing Renaissance Fund, launched in 2022, acquires multi-family affordable housing properties across the US and has capacity to fund the redevelopment and expansion of Avanath’s existing assets.

Investors include the State of Michigan Retirement Systems (committed $50 million), UBS Asset Management and the Sand Hill Foundation.

Avanath was founded in 2007 by CEO Daryl Carter and has a “commitment to adding values to investments by providing A+ impact to the world we touch, including… our residents… our investors… [and] our environment and communities”, its website states.

The firm raised $760 million for its fourth closed-end fund in 2020, having targeted $550 million – but has since wrapped up its closed-end funds strategy to focus on the evergreen opportunity, a 2022 announcement from Carter stated.