Firms continue to launch more funds in the market while many have held final closes. The largest fund closing in September was held by AXA Investment Managers – Real Assets, which reached the capped target of approximately €1.5 billion for its Commercial Real Estate Senior 10 fund. The fund closing takes AXA IM – Real Assets’ total debt commitments to more than €14 billion. More than 25 percent (approximately €400 million) of the fund has already been deployed, a quarter of which is through transactions in the United States; CRE Senior 10 is AXA’s first debt fund to have an initial mandate in the region, with an allocation of up to 25 percent of the total fund permitted. CapMan Real Estate held a €425 million final close for its second pan-Nordic value-add fund, CapMan Nordic Real Estate II. With leverage, CMNRE II has an investment capacity of more than €1 billion, to be invested primarily across the office and residential sectors in the No