Adriana de Alcantara, Senior Managing Director, Fund Manager Hines US Property Partners (HUSPP), Hines (Hines, iStock)

Houston-based real estate investment firm Hines has closed another $600 million fundraising round for the firm’s commercial real estate investment vehicle.

hines announcement Tuesday the additional equity for Hines US Property Partners. The fundraising brings the fund’s equity commitments to $1.4 billion, while the fund’s combined equity has a total investment capacity of $2.3 billion.

The company has so far closed six investments totaling approximately $600 million through the fund, including industrial, multi-family, mixed-use and office properties. The portfolio is weighted towards industrial and multi-family properties.

“We are very excited about the momentum we have seen since the fund launched last July,” said fund manager Adriana de Alcantara. “These opportunities have demonstrated the strength of our highly local platform that allows us to acquire off-market offerings in dynamic locations in Los Angeles, Seattle, Austin and Minneapolis.”

The company plans to use the remaining capital next year. Other real estate sectors targeted by the fund include self-storage and life sciences. The fund is open-ended and will continue to raise capital.

The fund’s investor base includes 20 institutional investors from the United States, Europe and Asia, comprising public and private pension plans, insurance companies, high net worth individuals, banks, non-profit and family offices.

Hines had raised $625 million for the fund in August, while he expected it to reach $1 billion raised by the end of September. The fund – which includes an initial investment of $100 million from Hines – has set a goal of raising an additional $1 billion per year.

The company also recently launched the Hines US Property Recovery Fund, which sought to raise $1 billion in equity to invest in properties in the nation’s 30 largest cities. The fund targets a range of undervalued properties, including residences, offices, student accommodation and self-storage.

Last month, the fund reportedly reached commitments of $590 million. Two logistics sites in California were acquired through the fund for $186 million.