Brookfield Asset Management is hoping to raise $15bn (€13.7bn) for its fifth global opportunistic real estate fund, according to an investor’s meeting document.

The Pennsylvania Public School Employees Retirement System (PSERS) disclosed in the meeting document that it has approved a $300m commitment to Brookfield Strategic Real Estate Partners (BSREP) V, a fund with a hard cap of $15.38bn.

The fourth fund in the series, BSREP IV, had a $17bn fundraising target.

According to the meeting document, Brookfield is expected to make a commitment amounting to 20% of the total capital raised. Brookfield’s commitment is not expected to exceed $3bn.

The Brookfield strategic real estate partners fund series has an investment history of placing capital into a variety of property types including office, multifamily, logistics, retail, hospitality, mixed-use and alternative real estate.

BSREP V targets a 16% net leveraged internal rate of return.

Brookfield declined a request for comment.

Pennsylvania PSERS has also approved a $200m commitment to TCI Real Estate Partners Fund IV, a fund managed by TCI Fund Management.

TCI is seeking to raise between $2bn to $3bn for Fund IV, a fund that provides real estate debt to existing assets.

The fund is expected to provide first mortgage loans secured by income-producing, trophy commercial real estate assets in the core markets in North America and Western Europe.

Fund IV targets a net internal rate of returns of 9% to 12%.

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