Tristan Capital Partners is launching a €1bn (£856m) core-plus European fund with a hybrid open and closed-ended fund structure.
The fund, which has attracted €500m in tentative commitments from investors, will have a 10-year term. It includes an initial three-year lock-in period after which investors can make withdrawals on a quarterly basis.
After the initial 10-year term, an investor committee will decide whether to keep the fund running. Subsequent meetings will take place every five years.
The fund, which is looking for investments in North America, Europe and Asia, will target core assets in Europe that have some value-added opportunity, following Tristan’s strategy in its Curzon Capital Partners funds.
It has expected returns of 10% and a leverage cap of 45%.
>>>From September: Tristan goes shopping in France
>>>From 2011: Tristan Capital fund raises €300m
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