Global investment firm Carlyle has raised $9bn for its 10th US opportunistic real estate fund.
The fund manager said the amount raised for Carlyle Realty Partners X (CRP X) at close exceeded the $8bn raised in 2021 for Carlyle Realty Partners IX, the predecessor in the series.
Carlyle said CRP X will focus on sectors driven by demographic and technological trends and favourable supply-demand dynamics, such as residential, self-storage and industrial, and will avoid office, hotel and retail properties, in line with the previous funds in the series.
As previously reported, the Carlyle fund secured commitments from a number of US pension funds, including €300m from the New Jersey Division of Investment, $100m from North Dakota Retirement and Investment Office, and $400m from the New York State Common Retirement Fund.
District of Columbia Retirement Board also added $100m; Florida State Board of Administration, £150m; Nebraska Investment Council, $30.5m; Pennsylvania Public School Employees Retirement System, $300m; New Mexico State Investment Council, £300m; and Arkansas Teacher Retirement System made a $50m contribution.
IPE Real Assets also reported that Connecticut Retirement Plans and Trust Funds was considering making a $200m commitment.
Rob Stuckey, head of Carlyle’s US real estate team, said: “Amid one of the most difficult fundraising environments for real estate in recent memory, we’re grateful for the trust our limited partners have placed in us. This capital raise reflects both the strength of our team and the proven performance of our strategy, particularly through complex market cycles.
“Our ability to avoid structurally challenged areas and invest with discipline in a turbulent environment reinforces the value of our distinctive approach to fund construction and has led to meaningful recommitment from existing investors as well as strong support from new relationships. This is a compelling moment to invest, as we see improving fundamentals across our target sectors coupled with an environment of relatively constrained liquidity.”
| Pension Fund | Commitment Amount | Currency | Status |
|---|---|---|---|
| New Jersey Division of Investment | 300m | € | Committed |
| North Dakota Retirement and Investment Office | 100m | $ | Committed |
| New York State Common Retirement Fund | 400m | $ | Committed |
| District of Columbia Retirement Board | 100m | $ | Committed |
| Florida State Board of Administration | 150m | £ | Committed |
| Nebraska Investment Council | 30.5m | $ | Committed |
| Pennsylvania Public School Employees Retirement System | 300m | $ | Committed |
| New Mexico State Investment Council | 300m | £ | Committed |
| Arkansas Teacher Retirement System | 50m | $ | Committed |
| Connecticut Retirement Plans and Trust Funds | 200m | $ | Considering |
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