Boston-based NorthBridge Partners and New York-based Park Madison Partners have announced the close of NB Partners Fund III LP. Fund III, which was oversubscribed, closed at the fund’s $500 million hard cap.

NorthBridge launched its logistics strategy in 2014 with the goal of acquiring, modernizing, and developing small-to-mid sized final-mile logistics assets on the U.S. East Coast. Fund III’s strategy is a continuation of the prior two vehicles, targeting strategically located US East Coast industrial assets that are critical to the modern e-commerce supply chain as companies compete for the shortest delivery times to consumers.

Investors in the fund included a mix of public and private pensions, foundations, asset managers, family offices and high net worth individuals.

“We are grateful for the opportunity to work with NorthBridge on this capital raise,” said Rob Kohn, partner at Park Madison Partners. “We launched this fund in March 2020 right when the pandemic struck, and as a result, the fundraising effort shifted to an almost entirely virtual format. The success despite this challenge is a testament to NorthBridge’s talent as an investment manager in the final-mile industrial sector and to investors’ confidence in them as fiduciaries.”