CBRE Global Investors has raised $2.3bn (€1.96bn) for CBRE Strategic Partners US Value 9, exceeding the US value-add real estate fund’s $2bn target.

The amount raised by the fund at its close includes direct capital commitments and co-investments issued by investors.

As previously reported, the Montana Board of Investments, Illinois Municipal Retirement Fund, Kansas Public Employees Retirement System and the Arkansas Teacher Retirement System all backed the fund.

The predecessor CBRE Strategic Partners US 8 fund raised $1.3bn in November 2017.

The latest fund, which with leverage has a $5.6bn purchasing power, has already committed close to $1.2bn its capital into 12 transactions.

Diann Hsueh, deputy portfolio manager for CBRE Global Investors, said the acquired assets included properties located in the Sun Belt regions of the Southeast and Southwest and Silicon Valley on the West Coast.

The property types have been primarily newly built logistics, apartments and office assets.

CBRE GI finds the Sun Belt region attractive ”mainly due to the strong region fundamentals of in-migration of both job and population growth, Hsueh said, adding that more people are looking at living in the region for more affordable cost of living and quality of life”, said Hsueh.

US Value 9 expects to target other property types like student housing, life science, cold storage and some retail opportunities.

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