Cornerstone raises $161m for real estate fund

Cornerstone Real Estate Advisers has raised $160.8 million for Cornerstone Real Estate Fund X, according to a filing with the SEC. The fund launched in February 2015 and is seeking to raise $750 million.

Cornerstone Real Estate Fund VIII closed with $546 million in 2012, $46 million more than its $500 million target. CREF VIII invested in markets that were expected to outperform at the time, many of which had high concentrations of employment in the technology, energy and healthcare sectors. In lieu of Fund IX, Cornerstone pursued that strategy with a separate account investor.

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