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2 real estate funds exceed targets

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Two managers announced closings of real estate funds that exceeded their fundraising targets.

The funds were the $2 billion Harrison Street Real Estate Partners VIII, a U.S. opportunistic real estate fund, and €1.5 billion ($1.7 billion) Ares European Property Enhancement Partners III, a value-added fund managed by Ares Management, according to news releases.

Harrison Street’s eighth fund in the series reached its hard cap and also raised another $510 million in co-investment vehicles for a total of $2.5 billion raised.

Ares’ new fund topped its €1 billion target and is more than twice the size of its 2016 predecessor fund, the €665 million Ares European Property Enhancement Partners II.

Investors in Harrison Street’s eighth fund in the series include the $193.1 billion Texas Teacher Retirement System, Austin, and $98 billion Virginia Retirement System, Richmond.

Investors in Ares’ third fund in the series include the $268.3 billion New York State Common Retirement Fund, Albany; $54.7 billion Illinois Municipal Retirement Fund, Oak Brook; and $34.8 billion New Mexico State Investment Council, Santa Fe.