Catalyst Investment Partners, an owner and operator of industrial outdoor storage (IOS) real estate, has closed its third fund at a $400 million hard cap, exceeding its original $300 million target and drawing demand that approached twice the target amount. The New York-based firm said Fund III moved from first close to final close in seven months, with commitments coming from a mix of pension funds, endowments, foundations, and family offices.
Founded five years ago by former SL Green colleagues Max Heiden and Dan Haroun, Catalyst has built a portfolio of more than 140 IOS sites in densely populated, high-barrier-to-entry markets. The firm said its 32-person team plans to use Fund III to expand the portfolio to more than 250 sites and scale the platform to roughly $1.5 billion in gross asset value.
Catalyst framed IOS as an increasingly institutionalized real estate category, citing tenant demand from data center and infrastructure contractors, autonomous vehicle fleet operators, EV charging networks, equipment rental providers, waste management companies, logistics operators, and building materials distributors.
Support: Incubation Capital served as the exclusive placement agent for Fund III.
KEY QUOTES:
“We are grateful to our new and existing investors for their partnership and support. The oversubscription of Fund III underscores the growing recognition of IOS as a durable real estate asset class and our highly differentiated approach to the sector.”
Max Heiden, Co-Founder and Partner, Catalyst Investment Partners
“We’re extremely proud of our team for their hard work and dedication, which is keeping Catalyst at the forefront of this emerging category. As capital continues to form around the sector, Catalyst is well positioned to take advantage of the opportunity.”
Dan Haroun, Co-Founder and Partner, Catalyst Investment Partners
