Farallon Capital Management has raised $400m (€356m) for its second US opportunistic real estate fund.

The investment manager said it had completed fundraising for Farallon Real Estate Partners II (FREP II). 

FREP II, similar to its 2013 predecessor fund, will focus on the US office, industrial, retail and multi-family sectors. 

Rocky Fried, managing member at Farallon, said nearly all of FREP I’s limited partners had committed to FREP II.

Investors in FREP II include college endowments, pension plans and high net worth individuals.  

Dan Hirsch, managing member at Farallon, described the current real estate environment as one where “we see a benefit in maintaining patience and discipline”.

He added: “We are looking for opportunities where we do not need to underwrite ambitious market improvements to achieve our return objectives.”