Boston, MA Alcion Ventures, Limited Partnership, a Boston-based real estate private equity firm, has closed its third fund, Alcion Real Estate Partners Fund III. The fund surpassed its target of $500 million, closing on $542.2 million of equity commitments from a diversified investor base, including major United States and Canadian pension funds, endowments, foundations, and family offices.

The fund will pursue value creation opportunities in seven major metropolitan markets in the United States and Canada. The firm will focus on well-located, high quality real estate across the primary asset types within high barrier to entry markets that have multiple drivers of demand.

Alcion Ventures is a real estate private equity firm that seeks to create value through the acquisition, repositioning, redevelopment, or development of real estate assets and by forming strategic relationships with experienced operating partners.