KKR has raised $427m (€382m) for its latest real estate opportunity fund, an amount it is looking to more than triple eventually.

The private equity company plans to reach $1.5bn (€1.3bn) for KKR Real Estate Partners Americas II, according to sources that track capital raising.

Its predecessor fund raised $1.2bn in 2014.

KKR, which declined to comment, will invest the new fund in US real estate equity and debt, special situations and businesses that own significant real estate holdings.

One of the investors in the initial close was the Maine Public Employees Retirement System, which committed $50m.

KKR will co-invest $200m of its own capital and use 70% leverage.

The targeted gross returns for the fund will be between 16% and 20%.

Last week, IPE Real Estate reported that KKR was buying an office building in the San Francisco Bay Area for $120m.