European private equity platform Henderson Park has closed its first fund, Henderson Park Real Estate Fund I, after raising $2.2bn (£1.7bn).
The amount exceeded the original $950m target. The company said it has also secured an additional $750m of co-investment capital, which has been deployed alongside the fund in building a $5.4bn European portfolio.
Capital commitments were raised from pension funds, insurance companies, sovereign wealth funds, endowments, family offices and high net worth individuals.
HPREF I was seeded with $500m from Stone Point Capital, Kuwait Investment Authority and Wafra Investment Advisory Group.
The fund is targeting equity commitments of between $50m and $150m per deal into value-add and opportunistic real estate investments across Europe, mainly targeting “highly-liquid gateway and capital cities” in the UK, Germany, France, Spain and Ireland.
It seeks “high-quality assets in prime locations, where Henderson Park’s team can see potential to unlock or create value through asset management initiatives or by taking on and working through complex situations”.
Its strategy will primarily focus on hotels, offices, industrial and student housing, as well as multifamily.
The fund portfolio currently comprises 19 investments including the landmark Le Meridien Etoile and Westin Paris-Vendôme hotels in Paris; two of the UK’s largest hotels, the Hilton Metropoles in London and Birmingham; the Los Cubos office building in Madrid; Athene Place and Woolworth House offices in London, and the Grand Hyatt hotel in Athens.
It is also invested in two student housing development schemes in the UK (Lancaster) and Spain (Barcelona).
On behalf of the fund, Henderson Park has built a portfolio of more than 2,000 build-to-rent units in London. These include developments such as the recently announced acquisition at the former Royal Mail depot in Battersea Nine Elms, as well as in Walthamstow and Croydon, where it will deliver the world’s tallest modular tower.
HPREF I also owns an operating portfolio of PRS apartments in Aldgate, Fulham and Battersea Nine Elms.
Nick Weber, founding partner of Henderson Park, said: “To have attracted such strong support for our debut fund from such a wide ranging and international pool of investors is a huge endorsement of the team we have built at Henderson Park, the deals we have already undertaken and the strategy we have set out.
“Over the past two years we have been very targeted in our approach to investments. We have leveraged our team’s track record and network of operating partner relationships to build a significant portfolio of high-quality assets where we have identified the opportunity to create value.
“I would like to take this opportunity to thank all our investors for their commitment to our first fund. We are honoured and humbled by the levels of support we have received, and now look forward to delivering on our strategy.”
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