Carlyle’s latest US opportunistic real estate fund has received a $100m (€91.1m) commitment from the District of Columbia Retirement Board.
The pension fund disclosed in a meeting document that it has made the capital commitment to Carlyle Realty Partners X, a fund seeking to raise $8bn with a hard cap of $10bn.
Realty Partners X is currently a blind pool, as the investment period is not projected to commence until late this year or early 2025.
This is viewed favourably by many pension funds and investment consultants, as it avoids the commitment of capital to assets that may be experiencing a decline in value.
As previously reported, the fund will focus on demographic and technology-driven sector assets like residential, self-storage and industrial that can generate a net internal rate of return of 14% to 17%.
The fund may invest up to 5% of its capital outside of the US and Canada.
To read the latest IPE Real Assets magazine click here.
