Global investment firm Carlyle announced on August 4, 2025, that it has closed its tenth U.S. opportunistic real estate fund, Carlyle Realty Partners X (CRP X), with $9 billion in total commitments. This marks the largest fund of its kind for the company and follows the previous fund, Carlyle Realty Partners IX, which raised $8 billion in 2021.
The new fund will focus on sectors such as residential, self-storage, and industrial properties. It will not invest in office, hotel, or retail sectors—areas that have been strategically avoided by the team in recent years.
Rob Stuckey, who has led Carlyle’s U.S. Real Estate team since 1998, commented on the fundraising environment: “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 Stuckey. “This capital raise reflects both the strength of our team and the proven performance of our strategy, particularly through complex market cycles. Our ability to avoid structurally challenged areas and invest with discipline in a turbulent environment reinforces the value of our distinctive approach to fund construction and has led to meaningful recommitment from existing investors as well as strong support from new relationships. This is a compelling moment to invest, as we see improving fundamentals across our target sectors coupled with an environment of relatively constrained liquidity.”
Carlyle’s U.S. Real Estate division includes more than 140 professionals. The senior leadership team averages 20 years of tenure at Carlyle and is present in key markets targeted by CRP X.
Carlyle operates globally with over $453 billion in assets under management as of March 31, 2025. The firm employs more than 2,200 people across 29 offices on five continents. More information about Carlyle can be found at www.carlyle.com.
