An excavator working on Procopio Cos.’ 259-unit, 10-story tower in downtown Lynn works atop a pile of dirt on the construction site in 2018. Photo courtesy of Procopio Cos.

Procopio Companies has launched a fund that will target acquisitions of raw land for multifamily and build-to-rent projects.

The Middleton developer has set a $20 million target for its TPC Land Fund I, which will seek to acquire a land bank of development sites in New England and high-growth regions.

“Most of the value is entitlement of the land, so we’re creating an offering where investors will be able to come in early, ride through that [entitlement] process with us, get high returns and choose whether to participate in the vertical development or not,” Procopio Senior Vice President of Investments Bryan Vitale said in a recent interview.

In promotional materials, the company compared the fund to a venture capital model in giving investors a chance to share in the higher returns typically associated with early-stage investors, such as developers and general partners.

The fund will target acquisitions in New England, the Carolinas, Florida and Texas.

Approximately 4.3 million new apartments are required to meet demand nationwide by 2035, according to a recent study commissioned by the National Apartment Association and the National Multifamily Housing Council. Texas, California and Florida account for 40 percent of the total requirements, the study concluded.

The fund has a $20 million target and $40 million hard cap, according to promotional materials, and would invest for three years. The fund’s timeframe is five years, and lists a minimum investment of $250,000 for limited partners.

Procopio Cos. has 11 active development projects including The Beck, a 290-unit apartment complex nearing completion in Haverhill. In recent years, the company has concentrated in development of class A apartment and for-sale housing in Massachusetts Gateway Cities and other growth markets.