Dune Real Estate Partners has closed its third real estate fund with $960m (鈧�755m) committed by institutions and pension funds.
The New York company said the amount surpassed its initial $850m target for the fund, which will invest in distressed, value-add real estate in the US.
The fund has projected equity commitments of $263.5m in eight investments, including a residential portfolio in Las Vegas, a high-end Los Angeles retail portfolio, industrial properties in Oakland and a luxury residential development in Miami.
Chief executive Daniel Neidich, who founded Dune in 2005, said the company saw 鈥渢remendous opportunities ahead鈥�.
Dune said it has raised $2.5bn of equity capital since inception and currently manages $3.6bn of assets.
The company raises capital from institutional investors, including public and corporate pension funds, endowments and foundations and high net worth families.
As reported , the Oklahoma Teachers鈥� Retirement System hired Dune as one of six real estate managers for non-core investments.
Oklahoma is investing around $50m with Dune, alongside similar amounts with American Realty Strategic Value Realty Fund, Antheus Realty Partners IV, GreenOak Real Estate Partners US Fund II and Starwood Opportunity Fund X Global, as well as $35m allocated to Landmark Real Estate鈥檚 Fund VII.
