Catalyst Investment Partners, an owner and operator focused on industrial outdoor storage (IOS), has announced the final close of its third fund at a $400 million hard cap in limited partner commitments. The firm said Fund III exceeded an original $300 million target and was substantially oversubscribed, with investor demand approaching twice the target and well above the hard cap.
Catalyst said Fund III moved from first close to final close in seven months, attributing the timing to investor conviction in its IOS strategy and performance to date. Commitments came from a range of institutional backers, including pension funds, endowments, foundations, and family offices.
Founded in 2021 by Max Heiden and Dan Haroun, Catalyst is positioning IOS as a distinct, underserved real estate category. The firm said its 32-person team has assembled a portfolio of more than 140 IOS sites in high-barrier-to-entry, densely populated markets with long-term rent growth fundamentals. With Fund III, Catalyst said it expects to expand its portfolio to more than 250 sites and scale the platform to approximately $1.5 billion in gross asset value.
Catalyst described IOS properties as seeing strong demand from credit tenants across sectors, including data center and infrastructure contractors, autonomous vehicle fleet management, 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
“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. 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
