Two opportunistic real estate funds managed by Fortress Investment Group have so far raised $2.8bn (€2.4bn), with an additional $175m expected from San Francisco Employees’ Retirement System (SFERS).

According to sources that track fundraising, Fortress Japan Opportunity Fund IV (FJOF IV) has raised $1.5bn and Fortress Real Estate Opportunities Fund III (FROF III) has received $1.3bn of its $1.5bn target.

Fortress, which is still fundraising is also expected to receive $100m for FJOF IV and $75m for FROF III from SFERS, the pension fund said in a meeting document.

FJOF IV fund will invest in Japan real estate and operating companies, while FROF III will target distressed and opportunistic real estate assets in Europe and the US.

Fortress declined a request for comment.