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tonepeak's debut real estate fund has secured $764m, falling short of its initial target of $1bn. Industry insiders attribute this shortfall to the tough fundraising climate for new real estate funds in the US.

    Despite this, the fund has already made significant investments, including a $244m purchase of Independent Logistics Park in Houston from Starwood. Other acquisitions include properties in Jacksonville ($191m), Chicago ($125m) and the Dallas/Fort Worth region (amount undisclosed).

    The fund is expected to focus on acquiring industrial, residential, healthcare and tech-based real estate across the US.