BOSTON–AEW Capital Management announced the final closing of AEW Partners Real Estate Fund X, L.P. (“PX”) with $1.75 billion in total equity commitments, exceeding the fundraising total of its predecessor fund, AEW Partners IX, which closed in 2021. This marks the tenth vintage in AEW’s opportunistic fund series, which dates back to 1988.
PX will pursue a sector-diversified opportunistic strategy, with the flexibility to invest in dislocated property types and market segments. The fund’s seed portfolio includes targeted investments in senior housing, multifamily, industrial, and retail properties. It aims to build a portfolio diversified by both sector and geography.
“Reaching the tenth vintage in this series marks a significant milestone and reflects our deep experience across multiple market cycles, as well as our track record of navigating both challenges and opportunities,” said Tony Crooks, Managing Director and Senior Portfolio Manager of the AEW Partners Funds. “We’re deeply grateful for the continued trust and partnership of our clients, as well as our advisors—it has been instrumental to our success. Looking ahead, we’re excited to be investing in what we believe is one of the most compelling market environments of the past decade.”
AEW CEO Jon Martin added, “AEW is continuing to build momentum across our entire diversified platform as opportunities emerge in the market. With this next fund in the Partners series, supported by the depth and expertise of our in-house team and the breadth of our long-established sourcing network, we believe we are well-positioned to identify and pursue attractive investment opportunities on behalf of our investors.”
Founded over 40 years ago, AEW is one of the world’s largest real estate investment advisors, managing $83.9 billion in assets across private equity, debt, and listed real estate securities as of March 31, 2025. The firm operates globally with offices in North America, Europe, and Asia, offering a full spectrum of investment strategies across public and private real estate markets.
