Aegon Real Assets US (Aegon RA) announced the closing of a $135 million national low-income housing tax credit (LIHTC) fund. This is the 10th multi-investor fund for Aegon RA, which is a member company of Aegon Asset Management, the global group of asset managers affiliated with Netherlands-based Aegon N.V.
According to Aegon RA, the fund is comprised of investments in 22 partnerships with properties in 12 states.
“With this latest closing, we have raised over $3.2 billion in capital for 55 funds,” said Lynn Ambrosy, managing director of institutional investments for Aegon RA. “This is our 10thmulti-investor fund closing. Four new investors joined our platform alongside six repeat investors. The tax credit group has continued to attract new investor capital, with 11 new investors added in the past two years alone. We believe this a clear sign that investors see the value in our institutional approach to the business.”
The company manages over 390 partnerships nationwide and has invested over $4.5 billion in tax credit equity investments on behalf of institutional, nonaffiliated clients, and its insurance company affiliates since 1987. It also has now closed tax credit or affordable housing–related funds with 47 institutional investors, primarily in the banking, insurance, and technology industries. Bank of America Merrill Lynch was the placement agent for the funds.
