Rockspring has completed a first close of €217.5m (£160m) for its Rockspring TransEuropean VI fund.
The first close realised investment from five investors across the UK, France, Finland and the US into the company’s largest trans-European fund to date.
The amount raised is more than halfway the fund’s the initial target of €400m. With a planned gearing of 55%, the fund is expected to be able to deploy a total of €1bn over its investment period.
The fund will be managed by Robert Gilchrist and his team spread across Rockspring’s eleven European offices.
As with other funds in the family of TransEuropean funds, VI will invest in value-add opportunities in residential, office, industrial and retail sectors across Europe.
The previous TransEuropean fund was launched in 2012 with €350m of commitments from 12 investors. The fund was able to deliver a 21.5% return.
Paul Hampton, Rockspring partner and fund director of the TransEuropean series, said: “To raise over half of our target equity in the first close is a fantastic result and we are extremely grateful to our investors for their ongoing loyal support and confidence in our team.
“This first close is also testament to our fundraising capabilities and ability to source value in competitive markets. With more than €200m of transactions either already closed on or in due diligence, we are keen to conclude our fundraise so that we can focus on assembling the remainder of the portfolio.”
