Covenant Capital Group Raises $748 Million for Covenant Apartment Fund XI, L.P.

NASHVILLE, Tenn.–(BUSINESS WIRE)–Nashville-based investment manager, Covenant Capital Group, LLC, has raised $748 million for its latest value-add real estate fund. This is Covenant’s largest fund since its founding in 2001; capital to be deployed in value-add investments in multifamily communities.

Covenant Capital Group, LLC (“Covenant”), a leading real estate investment manager with an exclusive focus on value-add investments in apartment communities, announces it has closed on the largest fund in the firm’s 22-year history.

On December 22nd, Covenant Apartment Fund XI, L.P. closed with $748 million of committed capital. Covenant began raising Fund X in January of 2022 and significantly surpassed the fund’s target of $600 million. Fund XI capital commitments exceeded those in Covenant’s prior fund, Covenant Apartment Fund X, L.P by 25%. Covenant closed Fund X in 2020 with $600 million of committed capital.

“We are excited to close on our largest fund yet with Fund XI,” said Govan D. White, Managing Partner, and co-founder of Covenant. “The fact that we were able to raise our largest fund in 2022 speaks to the confidence our limited partners have in Covenant’s investment strategy and our ability to consistently outperform others in our field.”

Covenant has raised more than $3 billion of capital since inception and over $1.7 billion since 2018 to invest in apartment communities, solidifying the firm as a national leader in value-add investments in the multifamily sector. Covenant’s latest fund received commitments from more than 300 limited partners, with more than 93% of the investors having committed to previous funds.

Fund XI plans to invest more than $2 billion, including debt, into approximately 40 to 50 apartment communities over the next 3 years. “Our value creation efforts have allowed us to acquire and reposition over 245 apartment communities since 2001 with an aggregate value of more than $4.8 billion,” said White.

About Covenant Capital Group

Covenant Capital Group, a real estate investment management company formed in 2001 by Rick Scarola and Govan White, focuses on value-add investments in apartment communities located in the southeast, southwest, and mid-Atlantic regions of the United States. Headquartered in Nashville, Tennessee, Covenant has over $2 billion of assets under management and manages real estate investments with over 15,000 apartment units in more than 25 markets throughout the United States. Covenant is a signatory to the United Nations Principles of Responsible Investing.

Covenant is co-managed by partners Rick Scarola and Govan White. They have worked together for over two decades and the firm’s leadership team has operated through multiple economic cycles to refine its strategy in a multitude of conditions. Covenant’s clients are a diversified mix of public and private retirement systems, foundations, endowments, and private investors.

For more information, contact Govan D. White, Managing Partner at 615-250-1630 or You can also visit:


Govan D. White, Managing Partner


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