Brookfield-based real estate investor MLG Capital has launched its seventh fund in the firm’s series of diversified private real estate investment funds, with a goal to raise $400 million in equity.
The opening of this new fund, known as MLG Private Fund VII, comes after MLG announced in January that it had closed its sixth fund with about $384 million — the company’s largest fund to date.
Fund VII aims to acquire quality real estate assets with a strategy to increase net operating income and deliver attractive risk-adjusted returns, MLG said in a Tuesday press release.
“We continue to see long-term opportunity in the private real estate investment space and are pleased to introduce Private Fund VII to investors,” said Billy Fox, principal and president at MLG Capital, in a press release. “We’re eager to build on our track record and deliver lasting value through strategic real estate investments for our high net worth, family office and RIA clients.”
MLG Capital typically invests in multifamily apartment properties in the Midwest and Sun Belt, though the firm has acquired a variety of property types throughout the nation since its founding in 1987.
MLG Capital has also established what its calling a “strategic partnership” with North Capital, a provider of financial technology and compliance solutions for private securities offerings based in Salt Lake City, including alternative investments.
“During its 38-year history, MLG Capital has evolved to meet the demands of a changing real estate landscape,” MLG said in the release. “The launch of Fund VII and relationship with North Capital reflect the firm’s dedication to expanding its reach and maintaining its reputation as a national leader in private real estate investing.”
The first in the series of diversified funds launched in 2012. Under its current growth strategy, MLG Capital aims to open a new private fund offering every two years, according to the release.
