The new fund is 55% larger than its predecessor.

Kennedy Wilson has locked up $775 million for a new fund. The Beverly Hills-based firm closed fundraising of the Kennedy Wilson Real Estate Fund. The real estate investment firm’s new fund will focus on value-add real estate investments, according to the Los Angeles Business Journal.

According to the report, the firm raised capital from family offices, pension funds, and wealth management firms. Kennedy Wilson provided $82 million to the fund.

Kennedy Wilson Easily Tops Commitment Goals

The firm closed a predecessor fund in 2016. This new fund is also about 55% larger than that fund and will allow the company to purchase up to $2 billion in commercial assets.

“The close of our sixth value-add discretionary fund is a milestone moment for our investment management platform, and feeds into our focus on expanding our third-party capital raising,” William McMorrow, chairman and CEO of Kennedy Wilson, said in a statement.

Further, Fund VI targets value-add real estate opportunities in the Western United States.

“Institutional investors continue to show a strong appetite for real estate in West Coast markets, many of which are leading the country in job creation, wage gains, and technology trends,” Nicholas Colonna, Kennedy Wilson’s president of commercial investments and fund management, added.

Finally, Fund VI has a current portfolio of 12 multifamily, office, retail and other commercial assets with an aggregate purchase price of $1.1 billion, deploying $386 million of equity to date.

Related: H.I.G. Capital Raises $3 Billion for New Fund in Less Than Four Months