Brookfield Asset Management Inc. pulled in more than $12 billion for its latest global opportunistic real estate fund, IPE Real Assets reported, citing unnamed sources.
The asset manager will co-invest about $2.5 billion of Brookfield Strategic Real Estate Partners Fund III's total commitments. The fund, which has a hard cap of $14 billion, will target real estate assets, companies, distressed debt and securities.
The South Carolina Retirement System also committed $100 million to the fund, the publication noted, citing a board meeting document. The pension fund said the Brookfield fund has net and gross return targets of 16% and 20%, respectively.
The publication noted that 50% of the fund's capital will be deployed in the U.S. and the remainder will be invested overseas.
Brookfield did not comment on the matter, according to IPE.
