The Carlyle Group’s eighth US real estate fund has exceeded its fundraising target by 10% to raise $5.5bn (€4.74bn) at final close.

The $210bn asset manager said Carlyle Realty Partners VIII exceeded its target of $5bn, as well as hitting its hard cap.

As previously reported, Virginia Retirement System added to its real estate manager line-up by investing in The Carlyle Group’s latest US fund. Others include Florida State Board of Administration, New Mexico State Investment Council and fellow pension fund Minnesota State Board of Investment.

Carlyle VIII will focus on opportunistic investments in targeted sectors across the US. It aims to provide exposure to types of property not typically held by major US pension funds — including senior and manufacturing housing and for-sale residential.

Robert Stuckey, the managing director and head of Carlyle US Realty, said: “Raising Carlyle’s eighth and largest US real estate fund is a testament to the market opportunity, our proven team and record of success.

“We appreciate the support of our returning and new investors and will work hard to create value for them.”

Glenn Youngkin Carlyle’s co-CEO, said: “Carlyle’s US Realty team has delivered for our investors for 20 years. Their depth and breadth has enabled us to perform through cycles and across sectors and regions.”

Since raising its first US real estate fund in 1997, Carlyle has invested $14.6bn in 747 investments.