PCCP has closed on $1.3 billion in equity commitments for its eighth opportunistic real estate fund, PCCP Equity Fund VIII.
PCCP could not be reached to comment on its fundraising efforts.
Originally targeting $750 million, the fund had expected to close in June with an excess of $1 billion in capital, making it more than 70 percent bigger than its predecessor fund. The predecessor, PCCP Equity Fund VII, closed in 2016 with $601 million in commitments.
Like the others in the fund series, PCCP Equity Fund VIII will target office, industrial, multifamily and retail properties in the top 25 U.S. markets.
In addition, the Teacher Retirement System of Texas committed $150 million in 2018. The pension fund had previously committed the same amount to fund seven.
