The fund, which is targeting up to $2bn, received a $250m commitment from the Pennsylvania Public School Employees' Retirement System earlier this year.
Managing director Peter Johnston says the first close was backed by traditional real estate investors looking for an alternative to residential property.
Following the recently closed Global Transition Fund on $15bn, managing partner Natalie Adomait describes what to expect and how the firm plans to bounce back from its unsuccessful AGL bid.