Brookfield Asset Management has exceeded the initial $10bn (€8.7bn) fundraising target it set for its third global opportunity fund by 50%.

Brookfield Strategic Real Estate Partners III (BSREP III) has received total equity commitments of $15bn at final close, making it Brookfield’s largest private fund to date. Brookfield raised $9bn for its second opportunity fund in 2016.

The manager said BSREP III received commitments from a diverse group of more than 150 limited partners, including public and private pension plans and sovereign wealth funds.

Other backers of the fund include financial institutions, endowments and foundations, family offices, and investors from Brookfield’s newly launched private wealth channel.

Brookfield and Brookfield Property Partners committed $3.75bn in aggregate to BSREP III.

Brian Kingston, the CEO of Brookfield Property Group, said: “We continue to utilise our core strengths—global reach, access to large-scale capital and operational expertise—that have served us well throughout our investment history.

“We plan to remain patient in deploying capital but will be ready to invest when we see the right opportunities emerge.”

To date, BSREP III has made 10 investments around the world totalling more than $5bn.