Brookfield Asset Management closed its largest global real estate fund, Brookfield Strategic Real Estate Partners III, at $15 billion, exceeding its fundraising target, spokeswoman Suzanne Fleming said in an email.
Brookfield's latest flagship real estate fund collected 50% more capital than its $10 billion fundraising target and is 67% more than the previous fund, the $9 billion Brookfield Strategic Real Estate Partners II, in 2016.
The new fund already has invested $5 billion, including being the lead investor in the 2018 acquisition of Forest City Realty Trust, a real estate investment trust. Brookfield started raising its latest flagship fund in July 2017.
The 150 limited partners in the fund consist of public and private pension plans, sovereign wealth funds, financial institutions, endowments and foundations, family offices, and retail investors from Brookfield's newly launched private wealth business. Institutional investors in the fund include the $19.5 billion Illinois State Universities Retirement System, Champaign; $4.7 billion Fresno (Calif.) City Retirement Systems; $4 billion Vermont State Retirement Systems, $2.9 billion Seattle City Employees' Retirement System; and $884 million Louisiana State Police Retirement System, Baton Rouge.