CBRE Global Investors closed its latest value-added real estate fund at $1.34 billion, confirmed Pam Barnett, CBRE spokeswoman in an e-mail.
CBRE executives began raising the CBRE Strategic Partners U.S. Value 7 fund in the fourth quarter of 2013 and held its first close with $950 million in April 2014. Total capital raised was just below its $1.5 billion fundraising target. The fund is 75% invested, Ms. Barnett wrote.
There are 26 institutional investor limited partners committed to the fund, including the $109.2 billion New York State Teachers' Retirement System, Albany; Montana Board of Investments, Helena, which oversees $16.6 billion in assets; and $14.4 billion Hawaii Employees' Retirement System, Honolulu.