Benson Elliot Capital Management has raised more than €800m in its latest pan-European fund.
The fund will focus on offices, retail, residential and hotels in the UK, France, Germany, Italy and Spain.
Benson Elliot Real Estate Partners V was raised from a global group of circa 40 institutional investors, including university endowments, insurance companies, pension plans, sovereign wealth funds and family offices. It had a repeat investor rate of more than 95% from the prior fund.
Approximately 40% of the capital was sourced from the US, 35% from Europe, with the balance from the Middle East and Asia.
BEREP V will continue the value-add/opportunistic investment approach of previous funds, which delivered a 15% net internal rate of return.
Marc Mogull, executive chairman and CIO at Benson Elliot, said: “As with previous funds, we have consciously limited the size of BEREP V to avoid the deployment-driven pressures that can confront managers of larger funds.
“We are fortunate to enjoy significant support from our investor partners, who co-invest alongside the BEREP funds, enabling us to pursue larger transactions. We have a healthy pipeline, but will maintain our characteristic investment discipline, prioritising opportunities that offer realisable value-add potential and a clear path to future liquidity.”
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
