GreenOak Real Estate closed its latest value-added real estate fund, GreenOak U.S. III, at $1.55 billion, surpassing its $1 billion target, said Rosalia Scampoli, spokeswoman for Park Madison Partners, placement agent for the fund in the U.S.
The fund also surpassed its $1.5 billion hard cap, according to sources with knowledge of the firm.
The previous fund, GreenOak U.S. II, closed with $756 million in 2014.
GreenOak's new U.S. fund will invest in underperforming properties with a clear path to stabilization.
Investors in the fund consist of public and private pension funds, sovereign wealth funds, foundations, asset managers, family offices and high-net-worth individuals, including the $209.1 billion New York State Common Retirement Fund, Albany; $44.4 billion Tennessee Consolidated Retirement System, Nashville; $16.9 billion Oklahoma Teachers' Retirement System, Oklahoma City; and $9.8 billion Chicago Public School Teachers' Pension & Retirement Fund.
