Real estate private equity firm TriGate Capital LLC has closed a $324.2 million fund, surpassing a $300 million target.

The fund, called TriGate Property Partners II LP, will invest in commercial real estate recapitalization deals. The firm is looking to invest between $5 million and $20 million in deals through the fund. Investors include the San Francisco Employees’ Retirement Systems, the California State Teachers’ Retirement System and the Teacher Retirement System of Texas.

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