Parmenter Realty Partners has closed its fourth distressed real estate fund. The Parmenter Realty Fund IV, which has a target size of $500 million, will enable the firm to acquire over $1.5 billion in distressed real estate assets in the U.S.

The closing of Paramenter’s fourth fund coincides with a sale of $1.3 trillion of troubled assets at a discount by lending institutions. Parmenter’s investors include university endowments, foundations, fund of funds and high net worth families.

Click here for the release from Business Wire.