Chicago‑based real‑estate manager Heitman has unveiled its first North American single‑sector fund, a core‑plus vehicle that will acquire U.S. self‑storage properties. The open‑ended structure gives investors flexibility to add or withdraw capital. Initial commitments total $275 million, supplemented by $200 million of co‑investments, delivering roughly $1 billion of buying power. The capital will be deployed over the next 12‑18 months, focusing on high‑growth metros.

Jennifer Boss, head of North American private‑equity portfolio management, said the team aims to raise $2 billion in equity within five years. Achieving that scale would place the fund among the largest self‑storage platforms, where occupancy rates stay above 90 % and rent growth outpaces many office and retail assets. The strategy targets markets with strong demographic trends and limited new supply.

Investors see self‑storage as a defensive asset class that benefits from e‑commerce expansion and consumer‑goods churn. By bundling equity, debt and sponsor contributions, Heitman can pursue larger acquisitions and potentially refinance at favorable rates. The fund’s launch adds another heavyweight to a crowded capital market, sharpening competition for quality sites across the United States. Such scale could attract institutional allocators seeking stable returns.