AEW Capital Management has closed its latest US opportunistic real estate fund, securing $1.77bn (€1.53bn) in capital commitments.
The manager said the capital raised for AEW Partners Real Estate Fund X exceeded the amount raised for its predecessor, AEW Partners IX, which closed in 2021.
As previously reported, Kansas Public Employees Retirement System committed $60m to the fund, Florida State Board of Administration committed $500m, and Ohio Police & Fire Pension Fund approved a $75m commitment to the fund.
AEW said that in line with its previous funds in the series, the latest fund adheres to a sector-diversified opportunistic strategy with the flexibility to address dislocations across various real estate assets.
The latest fund’s seed portfolio includes investments in sectors such as senior housing, multifamily, industrial and retail, the manager said.
Tony Crooks, managing director and senior portfolio manager of the AEW partners funds, said: “Reaching the tenth vintage in this series marks a significant milestone and reflects our deep experience across multiple market cycles, as well as our track record of navigating both challenges and opportunities.
“We’re deeply grateful for the continued trust and partnership of our clients, as well as our advisers—it has been instrumental to our success. Looking ahead, we’re excited to be investing in what we believe is one of the most compelling market environments of the past decade.”
Jon Martin, AEW CEO, said: “AEW is continuing to build momentum across our entire diversified platform as opportunities emerge in the market.
“With this next fund in the partners series, supported by the depth and expertise of our in-house team and the breadth of our long-established sourcing network, we believe we are well-positioned to identify and pursue attractive investment opportunities on behalf of our investors.”
To read the latest IPE Real Assets magazine click here.
