With a target of $8bn, Carlyle Realty Partners X is shaping up to be one of 2024’s largest fundraises.
The California pension plan’s backing of the vehicle marks its first investment with the New York-based manager.
The pension plan has made significant headway toward its annual pacing target with a $300m investment in Carlyle Realty Partners X.
The decline of the five-day commute has been a boon for suburban retail, according to the manager.
But mirroring the overall commercial real estate sector, residential fundraising totals have been trending down since 2021.
Private real estate’s largest managers are maximizing their chances of fundraising success during a challenging market environment.
In a tough fundraising market, the largest managers are increasingly utilizing co-investment vehicles and separate accounts to stay competitive.
Town Lane, founded by Tyler Henritze, closed the fund at its hard-cap without the help of an IR team or placement agent.
Starwood CEO Barry Sternlicht said the redemption limits for the firm's SREIT are temporary. But similar limits could be also imposed on other private REITs.
Even before the vehicle’s liquidity issues emerged, capital raising from the investor group had fallen off a cliff last year.