Cornerstone Real Estate Advisers announced the final closing of Cornerstone Real Estate Fund VIII (CREF VIII) with $546 million in capital raised, $146 million more than its original $400 million target.
CREF VIII will target property types and markets that Cornerstone expects to have above average-growth potential as the U.S. economic recovery evolves, with a focus on markets with high concentrations of employment in the technology, energy and health sectors.
A diverse pool of more than two dozen domestic and international institutional investors invested in the fund, which has already completed five acquisitions, with two more pending.
With the fund's closing, Cornerstone and its subsidiaries have more than $33 billion in assets under management.
"We're targeting investments in markets that we believe will be the fastest-growing in terms of job recovery,” Thomas G. Dudeck, the fund's portfolio manager and Cornerstone's chief of investment strategy, said in a statement. “It's a strategy we executed successfully coming out of the last major downturn, and our overall track record has engendered confidence among investors.”