FCP Realty Fund III has held a final close at $512.1 million. The vehicle, which had originally targeted $550 million, will invest into multifamily and commercial properties and structured opportunities throughout the Eastern US.
Committed capital has come from investors including the New York State Teachers' Retirement System and Maryland State Retirement and Pension System.
The firm’s previous realty fund, FCP Realty Fund II, held a final close at $529.2 million in July 2012. The New York State Teachers' Retirement System was also among the investors committed to this vehicle.
Lazard acted as the placement agent for the fund.