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Brasa Capital Management has closed its third and largest real estate fund, Brasa Real Estate Fund III, with $582 million in equity commitments. This marks an approximately 30 percent increase from the previous fund, which closed at $450 million, against a $300 million target.

The fund’s initial target was set to $750 million, according to the Private Equity Real Estate News. Out of a total of 22 investors, more than half are public pension funds, and 12 are first-time investors for Brasa. Approximately two-thirds of the capital raised will be directed toward industrial and residential assets.