Cain International has raised €324m (£278m) in the first close of its European Real Estate Opportunity Fund I.
The firm’s debut European real estate fund secured €70m from Goldman Sachs’ Vintage Funds, with commitments from US-based Security Benefit Life Insurance Company as well as Cain’s founding partners and members of its senior management team.
Some 70% of the funding has been deployed across gateway cities including Dublin, Paris and Madrid. The remaining finance will target opportunities in residential.
It will be led by Richard Pilkington and Daniel Harris who head Cain’s European Real Estate division.
Pilkington said: “While the last year has undoubtedly had its challenges for both investors and emerging managers, we are fortunate to have partnered with an exceptional and forward-thinking investor base over the past 24 months, building a robust portfolio that spans some of Europe’s most desirable and promising markets.”
Igor Ostrowski, executive director of real estate and private equity at Goldman Sachs, said: “We are impressed by the Cain team’s ability to identify and execute on compelling investment opportunities, regardless of the past year’s turbulent backdrop.”
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