London-based Kildare Partners raised US$1.95 billion in the final close of its second property fund focused on Europe, PERE News reported.

Fundraising for the fund, known as Kildare European Partners II, kicked off in April 2016 with a US$2 billion capital target.

Various U.S. funds, including the Texas Permanent School Fund, New Mexico Educational Retirement Board, Texas Municipal Retirement System, California State Teachers' Retirement System, Houston Municipal Employees Pension System and the District of Columbia Retirement Board, were among the backers.

The private equity firm will invest the capital from the fund in opportunistic investments across all European real estate sectors, with a greater focus on Continental Europe than in the U.K., according to the report.