Chicago-based Cresset announced that it has closed its second OZ fund after raising $655 million in equity, and is immediately launching a third fund. Cresset had previously raised $465 million in its first OZ fund, launched in 2018, bringing the firm’s lifetime total of OZ equity to more than $1.1 billion.

The first two funds are investing in 17 projects across the country, including properties in Washington, Arizona, Florida, Texas, Utah, Oregon, Tennessee, Colorado, Nebraska, Maryland, and South Carolina. The portfolio spans multiple asset classes with significant allocations to multifamily. Cresset estimates the portfolio encompasses 6.3 billion square footage and total project costs in excess of $4 billion.

“We’re thrilled with the strong and continued interest investors have shown across our real estate portfolio,” said Michael L. Miller, co-founder and executive managing director at Cresset Real Estate Partners.