REAL ESTATE - Asset manager Tishman Speyer has closed its largest fund to new investors after raising more than $1bn to invest in high-end US commercial property.

The Tishman Speyer Real Estate Fund VI has invested in nine properties to date, including New York’s MetLife Building at 200 Park Avenue and properties in Chicago and Los Angeles. Three Beverly Hills properties in the fund make up around 10% of properties in the prime sub-sector.

Though it was short on detail, the firm said the fund had attracted more than 40 US and overseas investors before it closed.

A spokesman said the firm would continue to invest in upmarket office properties in New York, Boston, Washington, Chicago, Los Angeles and San Francisco. “The firm will continue to develop signature properties in the US. That’s its bread and butter,” he said.

He added that the firm was looking for additional US opportunities “though I can’t say what or how soon”.

In recent years the firm has augmented its focus on key emerging markets, notably China and India. In China it exploited demand for world-class properties for multinationals and large local companies in Beijing and Shanghai via a joint venture with GSC Partners. In India, it formed a joint venture with the private equity division of local bank ICICI to develop commercial, residential and mixed-use projects.