Brookfield Asset Management closed its second opportunistic real estate fund, the $9 billion Brookfield Strategic Real Estate Partners II, with nearly 30% more capital than the its $7 billion target, said Andrew Willis, spokesman.
Brookfield’s prior opportunistic real estate fund closed in 2013 with $4.4 billion. The latest fund will invest in high-quality property assets mainly in North America, Europe, Australia and Brazil. Brookfield executives committed $2.3 billion to the fund, which is already 45% invested.
Investors in the latest fund include the $178.3 billion New York State Common Retirement Fund, Albany; $48.5 billion Pennsylvania Public School Employees’ Retirement System, Harrisburg; $29.1 billion South Carolina Retirement System Investment Commission, Columbia; and $2 billion Seattle City Employees’ Retirement System.