Carlyle has announced the final close of Carlyle Realty Partners X (CRP X), its tenth U.S. opportunistic real estate fund, securing $9 billion in total commitments despite what it called one of the most challenging fundraising environments in recent memory. The close marks an increase over its predecessor, CRP IX, which raised $8 billion in 2021. 

CRP X will maintain its focus on demographically and technologically driven sectors such as residential, self-storage, and industrial, where Carlyle sees strong supply-demand imbalances and secular tailwinds. Notably, the fund will have no exposure to office, hotel, or retail properties, continuing the strategic avoidance of those sectors across recent vintages. 

“Amid one of the most difficult fundraising environments for real estate in recent memory, we’re grateful for the trust our limited partners have placed in us,” said Rob Stuckey, Head of Carlyle’s U.S. Real Estate team since 1998. “This is a compelling moment to invest, as we see improving fundamentals across our target sectors coupled with an environment of relatively constrained liquidity.” 

Carlyle manages $453 billion in assets across three primary business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest, making it one of the largest diversified alternative asset managers globally.