DC-based investment giant The Carlyle Group has raised $550M for a new real estate fund, exceeding its targeted goal of $450M.

The company has secured $550M in commitments for its Metropolitan Real Estate Partners Secondaries and Co-Investments Program, which invests and co-invests in real estate portfolios and holdings. To date, the fund’s global team has closed 14 diverse transactions in the program, spanning several different property types and locations.

A Carlyle real estate executive spoke with Bisnow after the new fund was announced, and said while the DC market still appeals to them, they don't expect to spend too much of that $550M here, because of the competition for deals. The assets they're looking at around here will largely be self-storage and flex/industrial spaces.

Back in 2013, Carlyle purchased NY-based Metropolitan Real Estate Equity Management, which has $2.8B of assets under management spread across more than two dozen private equity real estate partnerships focused on both US and international markets. The Carlyle Group as a whole has $183B of assets under management, hundreds of funds, and employs over 1,700 people in 36 worldwide offices.