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AEW holds first close for opportunistic fund
AEW Capital Management has held an $89.2 million first close for its opportunistic real estate fund AEW Partners VII, according to a filing with the Securities and Exchange Commission. The vehicle has a $500 million fundraising goal. A final close date was not disclosed. Recent investors include the Illinois Municipal Retirement, the Dallas–Fort Worth International Airport Retirement/Investment Committee and the City and County of San Francisco Employees’ Retirement System.
AEW Partners VII invests in nonperforming and defaulted loans where the title to the underlying property could be obtained, as well as acquiring high-quali