FCP has set a $1.1bn (€897.9m) hard cap fundraising target for its latest US value-add real estate fund, according to an investor’s meeting document.

The Teachers’ Retirement System of Oklahoma said it has approved a $100m commitment to FCP Realty Fund V, a fund expected to mainly target US multifamily, office and mixed-use assets.

The pension fund backed FCP’s predecessor fund with a $35m committeemen.

FCP declined a request for comment.

As previously reported the manager had set a $950m fundraising target for Fund V.

According to people familiar with the matter, the fund, which has so far raised $366m is expected to have a final close after the third quarter of the year.

Fund V aims to generate a 12% to 15% net internal rate of returns and a 1.8x equity multiple.

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