Brookfield Asset Management has raised approximately $900m for its second real estate solutions fund, according to sources familiar with the matter.
The Brookfield Real Estate Solutions II fund’s investor base includes a mix of public pension funds, insurance companies and family offices.
Among the new backers is Fresno County Employees’ Retirement Association, which approved a $50m commitment, according to a board meeting document.
Although the target size for Fund II has not been disclosed, its predecessor, Brookfield Real Estate Solutions Fund I, secured around $1.3bn in commitments at its final close in 2022.
Fund II focuses mainly on general partner-led recapitalisations, partnering with managers to recapitalise assets that are already partway through their business plans.
The fund, which targets investments across North America, the UK, Western Europe and Australia, will primarily focus on living sector real estate and logistics. It may also selectively invest in self-storage, cold-storage and life sciences.
Brookfield declined a request for comment.
Fresno County also disclosed in the meeting document that it has committed $20m to the Napier Park Rail Evergreen Fund, an open-ended infrastructure fund managed by Napier Park, alongside a $40m commitment to I Squared Capital’s latest global infrastructure fund, ISQ Global Infrastructure Fund IV.
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