Real Estate Fund Raises $2.5 Billion for Affordable Housing

“The capital need is in the trillions, not billions,” Ms. Anadu said.

“It’s no secret that there’s a big market opportunity,” said Bennett Goodman, the executive chairman and a co-founder of Hunter Point Capital, an investment firm that backed Vistria in 2022. “What’s hard is being able to put together a scalable platform where you have sufficient capital to be relevant.”

Vistria’s fund-raising comes as some investing focused on social issues has fallen out of favor. But the size of the fund — and the broad buy-in from investors at so-called family offices, investment banks and insurance companies — indicate that investors don’t just see this as merely a “change they can make in society,” Ms. Anadu said. “We much more significantly have investors who are really focused on the commercial opportunity.”