Ares Management closed the Ares European Real Estate Fund V at €1.8 billion ($2 billion), the alternative money manager announced in a news release Tuesday.
The opportunistic real estate fund exceeded its €1.25 billion fundraising target. The prior fund, Ares European Real Estate Fund IV, closed at €1.1 billion in December 2014.
The current fund invests in a diverse portfolio of properties in markets such as the U.K., Austria, Germany, Ireland, the Netherlands and Spain.
Investors include the $42.7 billion Illinois Municipal Retirement Fund, Oak Brook; $33.2 billion Texas Permanent School Fund, Austin; and $26 billion New Mexico State Investment Council, Santa Fe.
Ares Management has $142 billion in assets under management, of which its real estate group has $12 billion.
