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Laxman Pai, Opalesque Asia: The international real asset investment manager CBRE Global Investors closed its largest value-added real estate fund to date, raising a combined $2.3 billion for the fund and its co-investment vehicle.
According to the independently operated affiliate of CBRE Group, CBRE Strategic Partners U.S. Value 9 surpassed its $2 billion fundraising target. The amount raised by the fund at its close includes direct capital commitments and co-investments issued by 23 institutional investors in the United States, Europe, the Middle East, and Asia.
Investors include Illinois Municipal Retirement Fund, Oak Brook; Kansas Public Employees Retirement System, Topeka; Hawaii Public Employees' Retirement System, Honolulu; and Alameda County Employees' Retirement Association, Oakland, Calif.
The predecessor CBRE Strategic Partners US 8 fund raised $1.3bn in November 2017.
According to the release, the latest fund, which with leverage has a $5.6bn purchasing power, has already committed close to $1.2bn its capital into 12 transactions.
"We expect an uneven recovery across markets and property sectors that we believe will create opportunity for our investors," said Robert Perry, the fund's portfolio manager.
The Strategic Partners U.S. program has raised $11.8 billion in equity in 15 funds and co-investment vehicles since inception.
CBRE Global Investors is a global real assets investment management firm with $129.1 billion in assets u...................... To view our full article Click here
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