Richman Group Closes $535 Million Equity Raise Across Two Affordable Housing Tax Credit Funds

Richman Group, an affiliate of The Richman Group, has closed $535 million in equity across two affordable housing tax credit multi-investor funds, the firm announced July 16, 2026. The capital will finance the acquisition, rehabilitation, and new construction of nearly 50 properties across 27 states, with a total development cost exceeding $1.5 billion and more than 4,000 households to be served.

Fund Details and Investor Base

Investors in the two funds include the nation's leading banks and insurance companies, according to the firm. The vehicles are structured as Community Reinvestment Act-qualified investments and are designed to offer what the firm describes as risk-adjusted returns. Stephen Daley, Executive Vice President, led the effort from the firm's Charleston, S.C., office.

"With these latest closings, The Richman Group raised over $1.4 billion in equity across both multi and single investor funds in the last year," Daley said in a statement. "Institutional investors are attracted to Richman funds because of the firm's extensive experience in the affordable housing industry, conservative underwriting, and track record of delivering results. These funds offer Community Reinvestment Act-qualified investments while providing a highly attractive, risk-adjusted return."

The latest closing brings the firm's cumulative equity raised over its 40-year history to approximately $20 billion.

Population Served and Property Profile

The funds are structured to serve a range of income levels and populations. More than 40% of units will target households earning less than 50% of the local area median income. Residents to be served include families, seniors, veterans, and formerly homeless individuals, the firm stated.

All units in the funded developments will incorporate energy-efficient features. The firm said the projects are expected to generate jobs and increase the stock of affordable housing in each community where properties are located. The mix of deal types spans new construction as well as acquisition and rehabilitation of existing properties.

Richman Group's Portfolio and Market Position

The Richman Group's current portfolio spans nearly 1,200 properties and more than 102,000 units nationwide, which the firm says ranks it among the seven largest affordable housing portfolios in the country. In addition to its tax credit syndication and investment banking activities, the firm develops and manages luxury, mixed-income, and affordable housing across the United States.

Sources: The Richman Group — Official Announcement, July 16, 2026