Stonepeak’s inaugural real estate fund has raised $764m (€728.3m), falling short of its $1bn fundraising target, according to sources familiar with the matter.
Market experts suggest that the shortfall in fundraising for Stonepeak Real Estate Partners reflects the challenging capital-raising environment for real estate funds, particularly first-time funds, in the US.
The US fund has already acquired four industrial assets, including a $244m purchase of Independent Logistics Park in Houston from Starwood, according to sources.
Other deals include the acquisition of a property in Jacksonville for $191m, an asset in Chicago for $125m and the Dallas/Fort Worth region asset for an unspecified amount.
As previously reported, the new fund is expected to acquire a combination of industrial, residential, healthcare and technology-based real estate in the US.
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