Wall Street Journal: Fundraising for the new global fund was launched last year with an original goal of $10 billion. The firm has been telling investors that its previous flagship funds have produced annual yields in the low-20% range. The firm said more than 150 investors made commitments to the new fund, including sovereign-wealth funds, endowments, foundations and investors in the firm’s newly created private-wealth channel for smaller investors. Brookfield also has committed $3.75 billion to the new fund, partly out of Brookfield Property Partners, L.P. a large public company that Brookfield Asset Management controls. Brookfield said it will focus more on high-quality real estate in top markets and avoid properties that take longer to generate a cash flow, like development sites. Brookfield also will be looking closely at public real-estate investment trusts whose shares these days are trading at steep discounts to what they would be worth if their assets were sold on the private market. Already the global property manager has made 10 investments with more than $5 billion from the new fund. According to data firm Preqin, this is the second-largest private real-estate fund ever to close, slightly smaller than the record $15.8 billion fund that Blackstone Group closed in 2015.