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AEW raises $2.6b for core fund
AEW Capital Management has raised $2.6 billion for its AEW Core Capital Trust fund, according to a filing with the SEC. The open-end fund, which launched in July 2007, invests in retail, multifamily, office and industrial properties across the United States.
The core fund will also engage in a limited amount of value-add investments not to exceed 15 percent of the funds capital. Leverage will be capped at 30 percent loan-to-value. Recent investors include the Illinois Municipal Retirement Fund and the Seattle City Employees’ Retirement System. Both committed capital in 2013.
AEW is a global investment manager that currently manages $49.7 billion in real estate assets and securities.