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Laxman Pai, Opalesque Asia:

Global investment firm Carlyle has closed another U.S. opportunistic real estate fund (CRP X), raising $9 billion, which will target multiple asset classes.

The Washington, D.C.-based alternative asset manager said in a press release that CRP X surpasses the $8 billion the company raised for its most recent previous fund in 2021.

"This result reflects continued support for Carlyle's longstanding U.S. Real Estate strategy and experienced investment team," said the release.

Many asset managers have struggled to coax their backers, which include pension funds and other large financial institutions, to put up cash for real estate investments in recent years, as the market digested factors including slumping demand for commercial real estate and offices in the wake of the COVID pandemic.

Some notable commitments include $300 million each from the Pennsylvania Public School Employees' Retirement System, Harrisburg, and the Illinois Teachers' Retirement System, Springfield, as well as $150 million from the Florida State Board of Administration, Tallahassee.

According to the release, CRP X continues to focus on sectors underpinned by secular demographic and technological tailwinds, as well as attractive supply-demand dynamics, including residential, self-storage, and industrial. CRP X is expected to have no exposure to office, hotel, or retail sectors, which the team has strategically avoided in prior recent vintages.

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