Brookfield raises $9bn for second opportunistic fund
Brookfield Asset Management has raised $9bn (€7.8bn) for its second opportunistic property fund.
The investment manager’s second Strategic Real Estate Partners vehicle closed above its initial $7bn target.
More than 100 investors backed the fund, including sovereign wealth funds, financial institutions and public and private pension plans.
New York State Common Retirement Fund recently hired Brookfield Asset Management for the first time. The US pension fund gave the manager $500m to invest in real estate, placing $400m directly into the Partners II fund.
The fund is targeting a diversified portfolio of high-quality property assets in North America, Europe, Australia, Brazil and other select markets.
The company said the amount raised reflected strong investor demand for real asset investment strategies.
Brian Kingston, chief executive at Brookfield Property Group, said the fund was already 45% committed.
“We continue to see attractive opportunities to put capital to work around the world,” he said.
“We are grateful for the support we have received from our clients. This fundraise eclipsed our target and shows that private capital demand for real estate investment with a strong global sponsor has not abated.”
BSREP II’s predecessor fund closed in 2013 with $4.4bn of total capital commitments.
Brookfield has committed $2.3bn to the fund, through Brookfield Property Partners.
The company said the fund had committed to invest more than $4bn in the US, Europe and Brazil.