Fortress Investment Group closed Fortress Japan Opportunity Fund III at about $1.1 billion, hitting its hard cap, a news release said.
The Japan-focused fund targets opportunistic investments in distressed real estate-related debt and other assets.
More than ¥17 billion ($140 million) of the fund’s capital has already been invested. One area of focus has been hospitality assets or properties.
Investors in the fund include the $68.1 billion Virginia Retirement System, Richmond, $20.3 billion San Francisco City & County Employees’ Retirement System and $14.4 billion Hawaii Employees’ Retirement System, Honolulu.
Predecessor funds Fortress Japan Opportunity Fund and Fortress Japan Opportunity Fund II closed in June 2010 and December 2012.
A Fortress spokesman declined to comment beyond the news release.