(Research Receptor) Brookfield Asset Management’s second Brazilian timber fund has held a final close of $270m, which was far ahead of its initial target of $200m.

Brookfield’s senior vice president Andrew Willis told AltAssets that the Brookfield Brazil Timber Fund II has been closed, adding that it has received strong support from institutional investors, allowing it to significantly exceed its target.

Willis said, “The fund’s primary objective is to generate income and capital appreciation though equity and equity-related investments in timberlands or timberlands-related assets in Brazil.”

Brookfield currently has $6bn invested in sustainable resources such as timber and agricultural land including around 2.6 acres of timberland in the Americas.

Over the past five months, the firm has collected $150m from LPs after reducing its minimum commitment requirement to $5m from $10m initially.

Back in December Brookfield reported that it had collected $120m from five LPs for the fund.

The LPs that have backed the new vehicle include the Ohio Police and Fire Pension Fund (OP&F) and the New Mexico Educational Retirement Board (NMERB), which have invested $25m and $50m respectively.

OP&F has also invested $50m in Brookfield’s Timberlands Fund V, which has a broader geographical focus than the Brazilian fund.