Westbrook Partners' New Real Estate Fund Exceeded Expectations At $2.85B Raised
Real estate investment firm Westbrook Partners has raised $2.85B for its 10th opportunistic fund, crushing its $2B goal. Westbrook Real Estate Fund X raised $693M through January 2015, and a total of 103 investors—headed by a number of big pension funds—brought the fund to its final amount.
Altogether, the New York State Common Retirement Fund ponied up $350M, with the Teacher Retirement System of Texas adding another $200M. The Teacher’s Retirement System of the State of Illinois and the Virginia Retirement System each put up over $100M, PERE News reports.
Westbrook recently bought four Class-B office buildings in Boston for $90M, and last year announced plans to co-develop a 1.7M SF mixed-use site in Hudson Square. Westbrook closed its last fund, Real Estate Fund IX, in 2012, after raising $1.6B, somewhat lower than its target of $2B. [PERE]
