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Rubenstein Holds $470M First Close On New Office Fund

Rubenstein Partners has held a $470M first close for its latest office fund, Rubenstein Properties Fund III, launched in May 2015.

The firm raised $515M for the predecessor to this fund, Rubenstein Properties Fund II, and is targeting a bigger number (currently undisclosed) this time around.

Some of the big players in the fund include the Texas Municipal Retirement System at $75M and Maine Public Employees’ Retirement System at $30M, Private Equity Real Estate News reports.

Rubenstein—with over $1B assets under management as of Q1—recently snatched up an 11-building, nearly 1M SF office park in Atlanta for $90M, using untapped cash from its Rubenstein Properties Fund II. [PERE]