Next Estate Income Fund III has €700m of investment capacity. : BNP Paribas Real Estate Investment Management has raised €475m for Next Estate Income Fund III, the first open-ended vehicle in the series. The pan-European fund, which follows two closed-ended vehicles, was launched in 2017 and raised further capital in 2018 and early 2019. It focuses on core and green office bulidings in eurozone countries, and has €700m of investment capacity, when factoring in leverage, BNP Paribas REIM said.