Madison International Realty has raised nearly $1.4bn (€1.3bn) for its city-focused real estate fund.
The private equity firm’s Real Estate Liquidity Fund VI attracted commitments from endowments, foundations and public and private pension funds.
Sovereign wealth funds, family offices, insurance companies and high net worth individuals also backed the fund, marking Madison’s highest raise to date.
The fund exceeded its $950m target.
Ronald Dickerman, Madison’s founder and president, said market volatility had created opportunities.
He said the strategy targeted ownership stakes in prime commercial properties and portfolios in the capital cities of the US, the UK and Western Europe.
“Our strategy is counter-cyclical during periods of economic uncertainty,” he said.
“[It] allows owners and sponsors to monetise embedded equity without requiring a sale of their properties.”
Around $400m has been invested for the fund so far, including an office asset in San Francisco and a central Dublin shopping centre.