Brookfield  is trying to raise $15 billion for a new real estate fund that will invest in value deals expected from the ongoing shakeout of troubled real estate, according to a report in Bloomberg.  It is halfway there after a year of fundraising with $7 billion, including its own capital.

While there are many firms raising capital to take advantage of these opportunities, targeting undervalued assets has long been a favorite strategy of CEO Bruce Flatt, who has wagered billions that such properties appreciate over time.

Sometimes he was wrong, as Bloomberg pointed out: Brookfield has defaulted on more than $3 billion of US commercial mortgages and handed the keys back from two Los Angeles office towers and Manhattan's Brill Building. Also, S&P Global Ratings has cut subsidiary Brookfield Property Partners' credit rating to junk status as the company has $2.7 billion of loans maturing through 2025.