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New York-based investment firm Stonepeak closed funding on its inaugural real estate fund more than $200M short of its target. 

The value-add fund focused on North American assets closed with $764M raised, much lower than its $1B target, PERE News reported. The multisector fund has already purchased assets in at least three states and deployed at least $275M. 

The fundraising for Stonepeak Real Estate Partners, as the investment vehicle is known, launched in July 2022 and closed this July, but the total value was not previously reported.