Boston - July 15, 2025
AEW Capital Management (“AEW”), one of the world’s largest global real estate investment managers¹, today announced the final closing of AEW Partners Real Estate Fund X, L.P. (“PX”), with total equity commitments of $1.77 billion, surpassing its predecessor, AEW Partners IX, which had a final closing in 2021. With over three decades of history, PX marks the tenth vintage in AEW’s opportunistic fund series, which extends back to 1988.
Consistent with prior vintages, PX follows a sector-diversified opportunistic strategy with the flexibility to target dislocations in specific property types. The Fund’s seed portfolio includes investments in high-conviction sectors such as senior housing, multifamily, industrial, and retail, and aims to build a portfolio that is 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 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,” said Jon Martin, AEW CEO.
About AEW
For over 40 years, AEW Capital Management, L.P. (AEW) has provided real estate investment management services to investors worldwide. As one of the world’s largest real estate investment advisors¹, AEW and its affiliates manage $83.9 billion in private real estate equity, debt and listed securities across North America, Europe and Asia (as of March 31, 2025). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, Denver, London, Paris, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in eight European cities.
¹Source: “2024 IREI.Q Real Estate Managers Guide”. The Guide, published annually by Institutional Real Estate, Inc., ranks real estate managers based on the gross value of real estate AUM ($m) as of December 31, 2023. As of March 31, 2025. AEW includes (i) AEW Capital Management, L.P. and its subsidiaries and (ii) affiliated company AEW Europe and its subsidiaries. AEW Europe and AEW Capital Management, L.P. are commonly owned by Natixis Investment Managers and operate independently from each other. Total AEW AUM of $83.9 billion includes $38.8 billion in assets managed by AEW Europe and its affiliates, $4.8 billion in regulatory assets under management of AEW Capital Management, L.P., and $40.3 billion in assets for which AEW Capital Management, L.P. and its affiliates provide (i) investment management services to a fund or other vehicle that is not primarily investing in securities (e.g., real estate), (ii) non-discretionary investment advisory services (e.g., model portfolios) or (iii) fund management services that do not include providing investment advice.