Brookfield Asset Management has passed the halfway mark to its $15bn (€14bn) fundraising target for its fifth global opportunistic real estate fund.
In its first quarter 2024 results announcement, Brookfield said it had finalised Brookfield Strategic Real Estate Partners (BSREP) V’s first close, raising $8bn for the fifth vintage flagship opportunistic real estate fund.
The total capital raised included commitments of $2.2bn received during the period ended 31 March, it added.
Brookfield’s fourth fund in the series, BSREP IV, had a $17bn fundraising target.
As previously reported, the Teachers’ Retirement System of Louisiana approved a $150m commitment to BSREP V, and the Pennsylvania Public School Employees Retirement System placed $300m into the fund.
Last year, BSREP V also received $75m and $100m, respectively, from Illinois State Universities Retirement System and the South Carolina Retirement System.
IPE Real Assets also reported that the Minnesota State Board of Investment was also considering making a $200m commitment to BSREP V.
The Brookfield strategic real estate partners fund series has a history of investing in a variety of property types, including office, multifamily, logistics, retail, hospitality, mixed-use and alternatives.
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