The fund's predecessor, Strategic Partners Real Estate VIII, closed with $2.6 billion in capital commitments in 2023.
Dover Street XII is targeting $20 billion in capital commitments, with a final close expected in December 2027.
The firm also expects to hold a first close for its tenth real estate secondaries strategy by year-end at more than 50% of its initial $2.5 billion target.
The Texas-based alternative investment manager specializes in private credit, with strategies spanning direct lending, portfolio finance, and capital solutions.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
The firm's $3.1 billion in Q3 secondaries inflows were driven primarily by its tenth private equity and ninth real estate secondary funds.
The firm is reportedly eyeing €500 million in commitments for an inaugural fund.
The sequel fund has secured $150 million from a California pension and will back venture and growth managers through GP stakes, fund commitments, and co-investments.
Ares Real Estate Secondaries X will invest across LP-led portfolio sales, GP-led transactions, and structured secondary deals.
Its predecessor, Landmark Real Estate Fund IX, closed with $3.3 billion in capital commitments in 2023.
