Morgan Stanley Real Estate Investing has raised $2.88 billion for its North Haven Real Estate Fund XI Global, approaching its $4 billion target for the global opportunity fund series. The firm has secured commitments from institutional investors including sovereign wealth funds and pension plans across North America, Asia, Europe, and the Middle East.

Fundraising for GXI has progressed rapidly, taking just one year compared to the current industry average of 25 months for private real estate managers. Notably, approximately one-third of investors in the latest close are new to the series, with some being first-time MSREI investors. This is significant given institutions are increasingly consolidating capital with fewer managers.

The fundraising momentum builds on the series' recovery since the 2008 financial crisis. The previous fund, North Haven Real Estate Fund X Global, generated a 10% IRR on 70% of capital called and a 1.22x TVPI as of June 2024. With GXI now fully deployed, MSREI is preparing to make its first investments from the new capital.