Bain Capital Real Estate has so far raised $1.1bn (€907.9m) for its second fund, according to people familiar with the matter.

The Bain Capital Real Estate Fund II fund is seeking to raise $1.6bn capital, slightly above the $1.52bn raised for the predecessor fund in July 2019.

According to the Maine Public Employees Retirement System, it has recently made a $50m commitment to the latest fund.

Fund II, which is expected to mostly target US real estate, could also target regions like Europe, Asia Pacific, Australia and India. The fund is expected to mainly invest capital in niche real estate sectors like last-mile distribution for industrial, global logistics, life science and lab space, senior housing, affordable apartments and self-storage.

The fund’s manager Bain Capital declined a request for comment.

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