Westbrook closes $2.85bn Fund X

The New York-based shop has raised its largest real estate fund to date.

Westbrook Partners has wrapped up fundraising for its tenth opportunistic fund, PERE has learned.

The New York-based private equity real estate firm had a $2 billion target for Westbrook Real Estate Fund X, and closed the fund last month at $2.85 billion. The firm held a first close on $693 million for the fund in January 2015, according to a filing with the US Securities and Exchange Commission (SEC). A spokesperson for Westbrook declined to comment on the fund.

A total of 103 investors committed capital to the vehicle, according to the SEC filing. The fund drew a number of large pension investments, including the New York State Common Retirement Fund, which committed $350 million; the Teacher Retirement System of Texas, which invested $200 million; and the Teachers’ Retirement System of the State of Illinois and the Virginia Retirement System, which each allocated $100 million, according to PERE Research & Analytics.

Westbrook’s most recent, publicly-disclosed transaction was the purchase of four class B office properties in Boston for $90 million, according to real estate data provider Real Capital Analytics.

The firm closed Westbrook Real Estate Fund IX in November 2012 after nearly a year of fundraising. The firm garnered about $1.6 billion in equity commitments – slightly below the firm’s original target of $2 billion, according to SEC documents. Sources told PERE at the time that the firm opted to close the fund in 2012 because its fund management team believed it would be better to immediately deploy capital rather than to extend the fundraising period to collect additional investor capital.

Westbrook was founded in 1994. The firm has raised and invested more than $14 billion of equity in over $50 billion of real estate transactions, according to its website.