Clearwater Living and Berkshire Realty Ventures are partnering for a second time on a capital fund aimed at developing and strategically acquiring senior living assets. The partnership’s initial equity commitment is expected to generate more than $1 billion in gross asset value.

Berkshire and Clearwater partnered in 2016 when Berkshire made an entity-level investment to provide support for organizational growth and general partner equity to capitalize Clearwater’s development projects and acquisitions. Backed by investors including Harrison Street Partners, Goldman Sachs and Virtus, the initial venture has completed five communities with another currently under construction.

With a deep pipeline of available opportunities, the expanded platform will seek additional joint venture partnerships with institutional investors focusing on ground-up development and acquisition of senior living assets including age restricted, independent living, assisted living and memory support.

“Investors want exposure to the opportunities available in the senior living sector but are often challenged to access leading managers that invest with discipline and skill,” said Christopher Hilbert, chief investment officer of Clearwater Living. “The partnership more than doubled its initial investment which will enhance our ability to provide institutional partners additional opportunities managed by industry leaders.”