TA Realty has reached a final close for its TA Realty Value Add Fund XIII with total commitments of $1.77bn (€1.7bn), according to sources familiar with the fund.

TA Realty declined to comment.

The fund manager was able to beat its $1.5bn target by more than $200m, despite a difficult environment for fundraising. Industry sources tell IPE Real Assets that many pension funds in the US are pausing new real estate commitments due to uncertainties in the market.

The previous fund in the series closed in March 2020 with a total raise of $1.2bn.

Investors in the latest fund include Minnesota Board of Investment, Mississippi Public Employees Retirement System and Illinois Municipal Retirement Fund, according to their respective board meeting documents.

The fund is expected to focus on industrial and apartments, but it is likely to also invest in grocery-anchored retail and office buildings.