Tristan Capital Partners is aiming for a €1.5bn (£1.4bn) capital raise for its latest European opportunity fund, which has garnered interest from the Texas Municipal Retirement System (TMRS).
Tristan Capital plans to raise the amount for European Property Investors Special Opportunities 5, to invest in primarily office, logistics, retail and residential properties, according to a TMRS board meeting report.
The fund is targeting a net internal rate of return of between 12% and 14%.
The pension fund’s investment adviser, Courtland, is recommending that the board of trustees approve a commitment of up to €60m.
In the same report, Courtland also recommended a commitment of up to $75m (£58m) to Torchlight Investors’ real estate debt fund, the Torchlight Debt Opportunity Fund VI.
Torchlight plans to raise $1.5bn for the fund, which will take debt positions on value-add US real estate. It will target net returns of between 11% and 14%.
The news comes after its previous fund, EPISO 4, sold a portfolio of eight office assets in Finland to Areim Fund III last month.
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