Brookfield Asset Management is getting closer to wrapping up its latest flagship real estate fund, the firm said in its fourth-quarter earnings report Thursday.

The Toronto-based firm has corralled $7 billion against a $10 billion target for Brookfield Strategic Real Estate Partners III, which it officially launched in the second quarter of 2017. Brookfield plans to close the fund later this year in what will likely be the biggest private equity real estate fund close of 2018, the report said.

If successful, the new fundraise would be Brookfield’s largest-ever real estate vehicle, slightly exceeding that of its predecessor, BSREP II, which gathered a total of $9 billion in April 2016. That fund was launched in 2014 and had an original target of $7 billion. Brookfield attracted a total of $4.4 billion for its first global opportunistic fund in 2013, against a $3.5 billion target.

Investors in BSREP III include the Vermont State Retirement System, which allocated $100 million, and the Illinois State University Foundation and the State Universities Retirement System of Illinois, which each earmarked $35 million, according to PERE data.

BSREP III is targeting a 16 percent net internal rate of return and a 1.7x multiple, according to a December SURS meeting document. BSREP II generated a 12.5 percent net IRR while BSREP I returned 22.2 percent on a net basis as of September 30.

Similar to the predecessor vehicles, about half of BSREP III’s capital is expected to be allocated in the US, with the remainder in western Europe and other developed markets in Asia and South America, per SURS. Through BSREP III, Brookfield plans to invest in 30-45 deals with a target sizes at least $100 million. The firm expects to invest 70 percent of the fund’s capital in large-scale investments and 30 percent in asset-level acquisitions, the SURS documents said.

The firm is charging a 1.5 percent fee on committed capital and would earn 20 percent carried interest for BSREP III, the SURS documents said.

Brookfield finished 2017 with a total $285 billion in assets under management.