NREP closed its latest Nordic real estate fund at €1.9 billion ($2.2 billion), raising about half of the capital during the COVID-19 pandemic, spokesman Jon Black Andersen said in an email.
NREP had set a fundraising target of €1.25 billion for its Nordic Strategies Fund IV, based on the €900 million raised by its predecessor, Nordic Strategies Fund III, in 2018.
The fund will focus residential rental properties, senior housing and modern logistics in the Nordic region. NREP has already has invested about 40% of the fund's capital and the company's qualified pipeline exceeds the fund's remaining capital.
Investors in the fund include the $216.3 billion New York State Common Retirement Fund, Albany; $24.9 billion Los Angeles Fire & Police Pensions; $17.7 billion Los Angeles City Employees' Retirement System; and $8.4 billion San Diego City Employees' Retirement System.