About This Fund
Alterra IOS Venture II, LP is the second dedicated industrial outdoor storage (IOS) fund managed by Alterra Property Group, a Philadelphia-based vertically integrated real estate investment manager specializing in low-density supply chain and infrastructure real estate. The fund closed on 18 March 2022 at USD 524 million in total commitments, surpassing its original USD 400 million fundraising target and reaching past the USD 500 million hard cap. Capital was contributed by a diverse pool of limited partners including public and private pension funds, endowments, foundations, asset managers, family offices, and high-net-worth individuals.
Industrial outdoor storage refers to low-density, high-barrier-to-entry infill properties used for truck parking, equipment storage, container yards, and last-mile logistics staging — assets that serve as critical nodes in the supply chain without requiring the construction capital of traditional industrial warehousing. Alterra IOS Venture II focuses on acquiring these properties in core infill locations across more than 30 U.S. states and Canada, with individual transactions averaging USD 5 to USD 20 million. The value-add strategy targets assets with near-term lease-up opportunities, site improvements, or repositioning potential that can improve net operating income before exit.
Alterra Property Group launched the IOS strategy in 2016 and has since grown into one of the largest institutional owners of industrial outdoor storage in the United States. Across Venture I, II, and III, the firm manages approximately USD 3 billion in assets and has acquired over 250 IOS properties. The Venture II fund represents a significant step-up in scale from its predecessor and benefits from Alterra's proprietary acquisition network, integrated property management capabilities, and deep expertise in the fragmented and illiquid IOS market niche.