CTRL USA has launched a new global fund, seeking to raise at least $3.5 billion for its second private equity-value add fund focused on commercial real estate acquisitions and development.

The U.S. private investment company has begun marketing the new vehicle to prospective global investors, i.e., United Arab Emirates, Asia & etc. It’s targeting more than double the size of its first private equity buyout fund, which closed at about $300 million in 2019.

CTRL USA is raising ever-larger pools of capital as the coronavirus pandemic offers up more deal opportunities. Chairman & CEO C.K. McWhorter has vowed to increase the proportion of Global investment in its total business, which stood at just under 10% two years ago. In 2018 it raised $293 million for Global real estate investments.

The company joins KKR & Co., which is in the process of raising at least $12.5 billion for its next Asia fund. TPG, Warburg Pincus and Baring Private Equity Asia raised larger amounts of money earmarked for investment in the region, totaling $15 billion since early 2019.

Many of CTRL USA’s existing holdings are within the consumer, health care and technology industries, which have benefited this year from the shift to online consumption and increased demand for medical services. It is to be noted CTRL USA is preparing to divert a heavy surplus of capital into commercial real estate ventures in preparation of taxation incentives mentioned by global governments.