Pan-European real estate investment manager Tristan Capital Partners has raised around €2bn (£1.77bn) of equity for its latest opportunistic fund, despite “major macro and market headwinds”.
The fund – European Property Investors Special Opportunities 6 (EPISO 6) – was fully subscribed with a total of more than 20 investors, including existing and new clients.
Investors are predominantly from the pensions, family office and foundations, insurance, and sovereign funds sectors. Some 55% of EPISO 6 clients are from Europe, Asia, and the Middle East and 45% are from North and South America.
Ric Lewis, founder and co-chief investment officer, said: “When we held our first close around a year ago, we could not have predicted or imagined the challenges that lay ahead in 2022.
“Despite major macro and market headwinds, we have successfully raised around €2bn of capital into our latest opportunistic fund from a loyal base of existing clients and even welcomed new clients into our funds. Our focus for this fund is to continue to invest in supply constrained markets across Europe where we see upside optionality.”
EPISO 6 is Tristan’s 12th fund, targeting a projected 12-14% triple IRR by investing in Western and Central European real estate markets across the high-grade office, logistics, living strategies, hospitality, and life science sectors. Its predecessor, EPISO 5 had a final closing of €1.7bn in February 2019 and is fully committed with 30 investments across Europe.
EPISO 6 has made strategic investments including the acquisition of the Point A hotel brand, an office complex in the Netherlands and a residential portfolio in Leipzig, Germany. It is also investing capital into a logistics acquisition strategy in Finland.
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