PHILADELPHIA and NEW YORK, May 02, 2024 (GLOBE NEWSWIRE) -- Philadelphia-based Alterra Property Group, LLC ("Alterra") and New York-based Park Madison Partners today announced the final close of Alterra IOS Venture III, LP ("Venture III"). Venture III was oversubscribed with $925MM of total commitments, exceeding the original fundraising goal of $750MM and surpassing the hard cap of $850MM. Limited partners in the fund included a diverse mix of public and private pensions, endowments and foundations, sovereign wealth funds, asset managers, family offices, and high net worth individuals. Venture III is a continuation of Alterra's Industrial Outside Storage ("IOS") investment strategy launched in 2016. Alterra believes IOS benefits from several positive real estate fundamentals, including rising tenant demand, constraints on new supply, and low recurring capex requirements for supply chain and infrastructure real estate. Alterra expects Venture III's acquisitions to focus on infill properties in major markets across the U.S. and Canada. "Alterra's national scale, proven track record, and vertically integrated team contributed to a strong capital raise in a challenging market for real estate. The IOS sector is a $200BN market that is highly fragmented and opaque due to the lack of institutional ownership and available market data. As a first mover in the space, Alterra has acquired over 250 properties ...