Rockpoint Group has raised $3.3bn (€2.91bn) for its fifth real estate fund.
The investment manager said it has closed the opportunistic Rockpoint Real Estate Fund V vehicle.
The firm said it exceeded its $2.5bn target, backed by public and corporate pension funds, endowments, foundations, sovereign wealth funds. Investors in the fund came from US, Asia, Canada, Europe and the Middle East.
The fund is focusing on urban in-fill locations in markets like New York, Boston, Washington DC and San Francisco.
It will seek to buy offices, hotels and residential assets at discount to replacement cost and enter into developments and redevelopments and invest in distressed situations.
Rockpoint’s previous fund, Real Estate Fund IV, which closed in 2013 with $2.3bn of commitments, is fully invested.
The firm’s lower-risk vehicle, Rockpoint Growth and Income Fund I, closed with $1bn of aggregate commitments in 2015 and is now over 85% committed.