Real estate private equity firm Longpoint Realty Partners LP closed its Longpoint Realty Fund I in October 2018 at $280 million, according to PERE News.

The debut fund, which was launched in 2016-end, fell short of its $375 million target due to a difficult fundraising environment, Longpoint's managing partner and founder, Dwight Angelini, said, as cited by the Jan. 9 report.

Texas Permanent School Fund and the Santa Barbara County Employees' Retirement System committed $75 million and $15.5 million, respectively, to the fund, while the Chicago Teachers' Pension Fund and the Montgomery County Employees' Retirement System also backed the investment vehicle, among other investors.

The Longpoint Realty fund made its first close in January 2017, amassing a total of $125 million from two large institutional investors.

The fund will invest in value-add logistics properties and neighborhood shopping centers across the U.S., with a 15%-17% gross return target, the news outlet added.