Brookfield nears $10bn final close for global real estate fund

Fundraising for Brookfield Asset Management’s $10bn (€8.28bn) global opportunity fund is 90% complete and is expected to reach a final close next month, according to sources that track capital raising.

Brookfield did not respond to a request for comment.

Filings with the SEC in March revealed that Brookfield Strategic Real Estate Partners III had raised $9.04bn.

According to sources, the fund held a second close in March and is expected to have a final close in May.

At a late stage in the fundraising, the fund has received a $100m commitment from the South Dakota Retirement System, according to a board meeting report from the South Dakota Investment Council.

The fund is expected to invest half of its capital in the US, and the rest in Europe, Asia and South America,

Brookfield is targeting a gross return of 16% to 20% by investing in real estate assets, companies, distressed debt and securities. It will use up to 70% debt financing.

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    Asset class: Direct Real Estate.
    Asset region: Europe excluding Switzerland.
    Size: 150m.
    Closing date: 2019-10-30.

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