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GreenOak Real Estate closes latest fund at $1.55 billion

GreenOak Real Estate closed its latest value-added real estate fund, GreenOak U.S. III, at $1.55 billion, surpassing its $1 billion target, said Rosalia Scampoli, spokeswoman for Park Madison Partners, placement agent for the fund in the U.S.

The fund also surpassed its $1.5 billion hard cap, according to sources with knowledge of the firm.

The previous fund, GreenOak U.S. II, closed with $756 million in 2014.

GreenOak's new U.S. fund will invest in underperforming properties with a clear path to stabilization.

Investors in the fund consist of public and private pension funds, sovereign wealth funds, foundations, asset managers, family offices and high-net-worth individuals, including the $209.1 billion New York State Common Retirement Fund, Albany; $44.4 billion Tennessee Consolidated Retirement System, Nashville; $16.9 billion Oklahoma Teachers' Retirement System, Oklahoma City; and $9.8 billion Chicago Public School Teachers' Pension & Retirement Fund.