Goldman Sachs has raised $3.5B for a new real estate fund, the first of its kind for Goldman since the last financial crash.

The asset management arm of the U.S. investment bank has raised the equity for the new fund, which is called West Street Real Estate Investment Partners, Bloomberg reported.

Over the past decade, Goldman has raised capital for two funds providing real estate debt and another that can buy stakes in other property funds or investment managers. But this marks the first time it has raised capital to make equity investments in real estate since 2007. In the last financial crisis, Goldman’s real estate equity funds were hit hard because they involved high levels of debt.

Goldman made equity investments in property over the past 15 years, but it did so alongside individual joint venture partners, rather than raising equity for a fund.

The new fund is a mixture of equity from external investors and from Goldman’s open balance sheet. It will target core-plus and value-add deals in the U.S., Europe and Asia, with a return target of 12% to 15%. That means it is looking for safer, slightly lower returns than Goldman’s previous equity funds.

Bloomberg said half the equity from the fund had already been invested, in sectors like rented residential, logistics and offices.

Significant deals undertaken by Goldman recently include the forward funding of a £500M office being built by Dutch developer Edge in the London Bridge area of London.

It is also backing UK luxury senior living developer Riverstone Living, which aims to build a £3B business.