CBRE Global Investors is close to raising $1.5bn (€1.28bn) for its eighth value-added real estate fund in the US, according to sources that track capital markets.

CBRE Strategic Partners US Value 8 had a second close last month, securing commitments of $1.1bn.

CBRE Global Investors declined to comment.

The fund will invest across sectors in major US markets that can be improved through re-leasing, renovation or redevelopment.

Kansas Public Employees Retirement System confirmed to IPE Real Assets that it had approved a $50m commitment to the fund.

The pension fund has invested with previous funds in the series, including a $40m commitment to the seventh vehicle in 2014.

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