Heitman has completed the final close of Heitman Value Partners Fund VI (HVP VI), securing $2 billion in fund commitments and an additional $620 million in co-investment capital. The close surpassed the fund’s $1.75 billion target and reached its hard cap, making HVP VI the largest closed-end fundraise in Heitman’s history.
Including the co-investment commitments and estimated leverage, Heitman said HVP VI should provide roughly $6.55 billion of total capital to deploy over the next several years as it builds the portfolio. The firm also described HVP VI as its most geographically diverse investor base to date, with more than 30 investors across seven countries.
HVP VI is positioned as a North America-focused value-add strategy targeting net returns of 12% to 14%, according to the firm. Heitman said the fund will pursue a diversified playbook that blends “delinked,” growth-oriented, and contrarian opportunities, with a tilt toward demographically supported sectors that it views as less cyclical.
Those priorities include medical office, student housing, senior housing, and self-storage, supplemented by more traditional growth areas such as apartments and industrial properties. Heitman framed the approach as a way to find resilient income alongside value creation potential amid a market characterized by capital markets stress and pricing dislocation.
The firm emphasized its long-running value-add platform, noting it has operated the HVP series for more than three decades. Since 2004, Heitman has deployed five value-add funds in North America, totaling $12.5 billion in gross cost and $4.5 billion in equity commitments across 103 investments.
Heitman said its value platform is supported by an in-house global research operation that informs market selection and underwriting. The firm reported $48 billion of assets under management as of September 30, 2025, and said it invests across private equity, debt, and listed real estate securities.
KEY QUOTES:
“We are pleased to announce the final close of HVP VI and are grateful for the confidence and trust our new and existing investors place in us. We view this phase of the cycle as an attractive entry point. Strategies underpinned by secular trends that generate returns from a combination of income and value creation opportunities continue to remain compelling.”
Maury Tognarelli, CEO, Heitman
“In a period of continued market dislocation, investors are increasingly looking for partners with deep experience and cycle-tested strategies. HVP VI is designed to capitalize on the resilience of non-correlated sectors and the emerging opportunities created by today’s capital markets environment.”
Mike Trench, Executive Vice President and Co-Portfolio Manager, Heitman Value Series
