Oak Street Real Estate Capital’s latest US net-lease fund is expected to reach its $2.5bn (€2.23bn) hard cap target this month, according to sources.

The amount being raised by the Oak Street Real Estate Fund V fund, which set out to raise an initial $2bn, exceeds the $1.25bn the manager raised for the predecessor fund in September 2017.

According to the Teachers’ Retirement System of the State of Illinois, it has approved a $150m commitment to Fund V which targets a mixture of US single-tenant office, industrial and retail properties.

According to a CBRE report, net-least investment increased by 10.9% in 2019 to a record of $77.5bn.

Some of the largest individual market annual gains for net lease investment were in San Diego up by 110%, the Inland Empire in Southern California up by 105% and Tampa up by 56%.

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