Carlyle has closed its tenth U.S. opportunistic real estate fund, Carlyle Realty Partners X (CRP X), with $9bn in total commitments, marking the firm’s largest real estate vehicle to date.

The new fund builds on the success of its predecessor, Carlyle Realty Partners IX, which raised $8bn in 2021. Despite what it called “one of the most difficult fundraising environments for real estate in recent memory,” Carlyle secured strong support from both existing and new limited partners.

CRP X will maintain the firm’s strategic focus on sectors with long-term growth drivers, primarily residential, self-storage, and industrial real estate. Carlyle has consistently steered clear of structurally challenged sectors, including office, hotel, and retail, which remain absent from the latest vehicle.

“Amid one of the most difficult fundraising environments for real estate in recent memory, we’re grateful for the trust our limited partners have placed in us,” said Rob Stuckey, Head of U.S. Real Estate at Carlyle since 1998. “Our ability to avoid structurally challenged areas and invest with discipline in a turbulent environment reinforces the value of our distinctive approach.”

The U.S. Real Estate platform at Carlyle includes over 140 professionals, led by a senior team with an average tenure of 20 years. The firm credits its consistent leadership and local market presence as key to successfully navigating multiple economic cycles.

With $453bn in assets under management as of March 2025, Carlyle continues to expand across private equity, credit, and investment solutions. The launch of CRP X further strengthens its position as a leading player in the opportunistic real estate space.

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