Westbrook Fund IX nears expected final close
New York City–based private equity real estate firm Westbrook Partners' latest fund, Westbrook Real Estate Fund IX, is scheduled to hold a final close on Oct. 27. Westbrook Real Estate Fund IXtargets all asset classes in London, Los Angeles, New York City, Paris, San Francisco, Tokyo and Washington, D.C. The fund will seek to invest primarily in existing properties as opposed to development deals.
The fund is one of several recent billion-dollar funds to attract substantial investor interest and capital, according to Institutional Real Estate FundTracker. The value-added fund was launched in November 2011 with a fundraising goal of $2 billion. Other recent large fund closings have been announced by The Blackstone Group, Fortress Investment Group and Colony Capital.
In May 2012 it was reported the fund had raised $1.5 billion. Most of the equity commitments have come from more than 40 U.S. institutional investors. Recently, the $11.3 billion Arkansas Teache