Westbrook holds $1.6 billion final close
New York City–based private equity real estate firm Westbrook Partners’ latest fund, Westbrook Real Estate Fund IX, has held a final close with approximately $1.59 billion raised in equity commitments, according to a filing with the Securities and Exchange Commission. The fund had a nine-month fundraising period, opening in January 2012. Westbrook Partners has declined to comment on the fundraising.
Westbrook Real Estate Fund IX targets all asset classes in markets including London, Los Angeles, New York City, Paris, San Francisco, Tokyo and Washington, D.C. The value-added fund will seek to invest primarily in existing properties as opposed to development deals. The fund will begin investing soon and aims to be fully invested in the next three years.
Recently, the $11.3 billion Arkansas Teacher Retirement System committed $40 million to Westbrook Real Estate Fund IX. Other investors who have committe