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Hammes Partners has closed its first open-ended vehicle, raising $445 million in equity commitments from a diverse base of new and returning institutional investors for its new core-plus health-care real estate platform. The firm significantly exceeded its $350 million target.

The Milwaukee-based firm, an institutional investment management firm focused on the U.S. health-care market, plans to continue to scale its core-plus platform over time. The new initiative will focus on investments in health-care facilities that have resilient and predictable cash flows. The platform will target high-quality, highly stabilized, well-positioned facilities that are integral to the real estate footprints of leading health-care providers. Hammes Partners investments have included existing assets, entitled development projects and adaptive reuse opportunities.