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Report: Brazilian real estate fund draws $650M in capital

PGGM, the second-largest pension fund in the Netherlands, and Dutch pension fund manager APG Asset Management committed about $250 million each to GTIS Partners' latest Brazilian real estate fund, PERE News reported, citing unnamed sources.

The fund, called GTIS Brazil Real Estate Fund III, raised a total of $650 million from seven institutional investors that also include the Illinois Municipal Retirement Fund.

The fund, which is likely to be 30%-committed by the end of August, will invest in office and industrial properties in São Paulo and Rio de Janeiro.

GTIS did not comment on the investor base, according to the report.