Westbrook Partners has received capital commitments worth $700m (€638.2m) for its latest value-add real estate fund, according to a potential investor’s meeting document.
Mississippi Public Employees Retirement System disclosed in its meeting document that it is planning to make a $50m commitment to the Westbrook Partners Fund XII fund.
The pension fund’s investment consultant Callan said the $700m worth of commitments received for Westbrook’s Fund XII included a $250m commitment from an unnamed limited partner that has invested with Westbrook in the past.
Westbrook seeks a $2.95bn hard cap for Fund XII. The fund is expected to have a first close anytime soon with a final close planned for the end of 2023 or early next year.
The manager is expected to place a co-investment of 1.35% of Fund XII’s total commitments or $17.5m, depending on which is greater.
The fund is expected to invest in a mixture of debt and equity as it targets office, retail, industrial and lodging properties that can generate net internal rate of returns of 12% on a 30% to 50% leverage component.
Westbrook Partners did not respond to a request for comment.
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