Private equity real estate investment firm Viking Partners has closed on Fund V, its fifth value-add real estate fund, at $130 million, exceeding its goal of $125 million in only five months, announced firm founder and Principal Bret Caller.

Since closing its first fund in 2010, Viking has raised a total of $400 million, primarily from high-net-worth individuals.    Just over 70% of investors in Fund V have invested in one or more of Vikings’ previous funds, which in the aggregate have made approximately $1.2 billion in property acquisitions.

“In our experience, a changing market presents new opportunities, and we will continue to focus on real estate assets that will benefit through our hands-on leasing, management and/or redevelopment,” said Caller.  “We are humbled that both new and existing investors continue to put their trust in our team and investment strategy.”

Viking targets office/flex, multifamily, mixed-use, industrial, hotel and retail properties between $10 million and $50 million, as well as sub-performing or non-performing loans secured by those assets.  Target markets include the Midwest, Southeast, Southwest and Mountain West United States.  

Fund V has already acquired ~$91MM of assets, including Spartan Square, a Kroger anchored retail center, the firm’s first retail investment since 2018.