Dune Real Estate requests fundraising extension as it targets $1.25bn
Dune Real Estate Partners has raised $750m (€663m) for its latest fund and has asked investors for an extension to secure more capital by July.
Dune Real Estate Partners IV held its latest close on March 29th, according to a board meeting report from the Oklahoma Teachers’ Retirement System (TRS).
Oklahoma TRS was one of the investors, committing $60m to the value-add fund. As previously reported, Illinois Municipal Retirement Fund also made a $50m commitment.
The board meeting report of Oklahoma TRS shows that Dune wants to extend fundraising to July to allow several investors to approve large commitments.
Dune is hoping to raise at least $1.25bn and has placed a limit at $1.5bn.
Its previous fund raised $960m in October 2014, exceeding its $850m target.
Dune did not respond to a request for comment.
The fund will target mostly US properties including residential, retail and industrial assets.
Some of the capital has already been deployed – Dune expects about 30% to have been deployed at the final close.