Peter Palandjian's $8.5 billion fund led October's big institutional Form Ds

U.S. Real Estate Investment Fund, run by Boston's Intercontinental Real Estate Corp., reported $8.52 billion sold to 633 investors on a Form D amendment signed Oct. 21 by Peter Palandjian, the firm's chairman and CEO ^[1]. That was the largest amount sold among the 574 real estate offerings on EDGAR from Oct. 4 to Nov. 2 ^[11].

The fund has sold since September 2006, accepts a $35,000 minimum, and says it pays no sales commissions ^[1]. Like most of the funds below, its total is cumulative since its first sale, so it measures size more than new money ^[1][11].

MetLife Core Property Fund lists Chris Aiken, Scott Hirsch and Scott Dunphy as officers, sets a $1 million minimum, and says the manager pays all sales commissions ^[2]. Principal Enhanced Property Fund reported $4.86 billion from 170 investors, and North Haven Real Estate Fund XI reported $3.23 billion across its parallel vehicles ^[3][4]. Ventas Life Science & Healthcare Real Estate Fund, led by general partner president Brian Newman, sets a $25 million minimum and reported $2.09 billion from 32 investors ^[6].

Harrison Street has sold 37% of its $3 billion target in 17 months

PERE reported in May 2025 that Harrison Street had held a $1 billion first close for its tenth flagship fund, against a $3 billion hard cap ^[10]. The Oct. 7 amendment shows $1.105 billion sold to 28 investors and $1.89 billion unsold, with a first sale dated May 9, 2025 ^[5]. It names Christopher Merrill, Matthew Hawkins and Jay Hennick as executive officers and directors ^[5].

Brookfield's filing comes close to the $900 million Bisnow reported in June

Bisnow reported in June that Brookfield had raised about $900 million for Real Estate Solutions II, which recapitalizes properties partway through their business plans alongside the original sponsors ^[12]. The Oct. 23 amendment lists Brookfield real estate CEO Lowell Baron among 20 officers and shows $834.4 million sold to 18 investors, a total it says includes sponsor commitments ^[7].

Blackstone and TPG filed new vehicles that have not sold anything yet

TPG Essential Housing IV Equity of Fort Worth, Texas, filed its first Form D on Oct. 26 with no sales and no fixed offering size ^[8]. Blackstone Property Partners Feeder Vehicle filed on Oct. 30 on the same terms ^[9], days after Blackstone's third-quarter results. Carlyle's Europe Realty Feeder Fund III also reported $0 sold ^[11].

How to use this

For investors who want access to institutional funds

1. Divide the amount sold by the number of investors to see who a fund is built for. We calculate about $65 million per investor at Ventas and $13.5 million at Intercontinental ^[1][6], which points to pensions, endowments and insurers rather than individual checks.
2. Ask whether the manager or the fund pays the placement fees, because the answer differs. MetLife and Intercontinental say the fund bears no sales commissions ^[1][2], while Brookfield estimates $8.5 million in placement agent fees, including amounts paid to its affiliates ^[7].
3. Ask your wealth platform for the feeder's own fee schedule in writing before you invest through one. Blackstone's BPP feeder lists 22 Blackstone executive officers and no sales yet ^[9], and a Form D does not show what a feeder charges.

For sponsors raising alongside these managers

1. Budget for a long raise even with a well-known name. Harrison Street had sold 37% of its target 17 months after its first sale, by our math from its Form D ^[5].
2. Check how a competitor counts its total before you benchmark against it. North Haven's $3.23 billion includes its parallel vehicles and feeder funds ^[4], so comparing it with a single-vehicle raise overstates the gap.