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Alternative Market Briefing

Brookfield raises $15bn for its largest real estate fund to date

Friday, February 01, 2019

Laxman Pai, Opalesque Asia:

The global alternative asset manager Brookfield Asset Management has exceeded the initial $10bn fundraising target it set for its third global opportunity fund by 50%.

Brookfield Strategic Real Estate Partners III (BSREP III) has received total equity commitments of $15bn at final close, making it Brookfield's largest private fund to date. Brookfield raised $9bn for its second opportunity fund in 2016.

BSREP III is also the largest ever for the company and the second largest in private real estate, just behind Blackstone Group's $15.8bn fund that closed in 2015, according to the Wall Street Journal.

Brookfield and Brookfield Property Partners commited $3.75bn to the fund.

More than 150 limited partners committed to the fund, including public and private pension plans, sovereign wealth funds, financial institutions, endowments and foundations, family offices, and investors from Brookfield's new private wealth channel.

"We are grateful for the strong support that we have received from our limited partners. We plan to remain patient in deploying capital but will be ready to invest when we see the right opportunities emerge," said Brian Kingston, CEO of Brookfield Property Group.

Brookfield has already made 10 investments using more than $5bn from the fund.

Brookfield Asset Management has over $330bn in assets under management.

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