Rockpoint Group has closed its fifth global opportunistic real estate fund, the $3.3 billion Rockpoint Real Estate Fund V, exceeding its $2.5 billion fund target, spokeswoman Caroline Luz confirmed.
The fund also is larger than Rockpoint’s last opportunistic fund, the $2.3 billion Rockpoint Real Estate Fund IV, which closed in 2013 and is fully invested. Last year, Rockpoint closed a lower-risk real estate fund, the roughly $1 billion Rockpoint Growth and Income Fund I. That fund is more than 85% invested.
Investors in the latest fund include the Texas State Board of Education, Austin, which oversees the $29.2 billion Texas Permanent School Fund; the $26 billion Pennsylvania State Employees' Retirement System, Harrisburg; and the $10.8 billion South Dakota Investment Council, Pierre.