Stonepeak has launched its second real estate fund with a target of $1.5bn (€1.3bn), according to a board meeting document prepared by Hamilton Lane for the Santa Barbara County Employees’ Retirement System.
The California-based pension fund is backing the Stonepeak Real Estate Partners II fund with a $7.5m, the document showed.
The fund targets small to mid-market value-add or opportunistic real estate across North America, focusing on industrial, residential, healthcare and technology-related assets.
Stonepeak declined a request for comment.
Santa Barbara County has also approved a $7.5m commitment to Blue Doors Storage Fund VI, a US self-storage vehicle managed by Morningstar Properties, according to Hamilton Lane.
The fund is seeking to raise $200m and will primarily target transactions in the $5m to $20m range, while opportunistically considering deals up to $25m.
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