In a bold bet against market headwinds, Carlyle has closed its 10th opportunistic real estate fund at $9 billion, surpassing its previous fund despite a fundraising freeze gripping much of the property sector.
The Washington, D.C.-based investment giant revealed Monday that its latest war chest will focus squarely on residential, self-storage, and industrial assets—deliberately steering clear of office, hotel, and retail properties, sectors it deems structurally troubled.
Staying Disciplined in a Turbulent Market
Rob Stuckey, Carlyle’s head of U.S. real estate, praised the team’s strategic discipline in navigating one of the harshest real estate fundraising climates in recent memory.
“Amid one of the most difficult fundraising environments, we’re grateful for the trust our limited partners have placed in us,” Stuckey said. He added that Carlyle sees “improving fundamentals” in the sectors its fund will target, signaling a cautiously optimistic outlook.
The strategy is consistent with recent iterations of Carlyle’s opportunistic funds, which also avoided office towers, hospitality ventures, and retail centers—markets that continue to struggle with shifting consumer behavior and hybrid work patterns.
