CBRE Global Investors has raised $616m (€551m) for its latest US real estate fund.

The manager said CBRE US Development Partners 5, which received the capital commitment from repeat investors from the previous funds in the series, exceeded its capital-raising target at close.

As previously reported, the fund received $200m from Teacher Retirement System of Texas, as the fund’s first investor.

CBRE GI said with total projected development costs of $1.3bn, including leverage, the fund has already invested more than 90% of its equity in 10 properties in Dallas, Denver, Phoenix, Portland, San Jose and Washington, DC.

Development 5 will target last-mile fulfilment centres, multifamily rental communities and mixed-use development investing in the US, the manager said.