Tristan Capital Partners has secured €1.7bn (£1.5bn) in equity commitments from investors for its 10th fund.
European Property Investors Special Opportunities 5 was almost 100% oversubscribed.
EPISO 5 has a total of 39 investors including both existing and new clients.
Clients are predominantly from the pensions, family office and foundations, insurance and sovereign funds sectors.
More than half of the clients are from Europe, Asia and the Middle East, while the rest are from the US.
EPISO 5 is Tristan’s 10th fund and its mandate is to generate a 12-14% triple net annual return by investing in Western and Central European real estate markets across the office, logistics, retail and residential sectors.
Its predecessor, EPISO 4, had a final closing at €1.5bn in July 2015 and is fully committed to 32 investments across Europe.
Ric Lewis, co-chief executive and chairman of Tristan, said: “We’re still optimistic about the outlook for European real estate markets but we’ve invested and managed capital through enough cycles to know that this is the point where keeping one’s discipline is wise. Our focus now is on doing our best to build an ‘all weather’ portfolio with lower asset-level risk, less exposure to late stage markets and conservative financing, all of which will help move our strategy toward resiliency in this maturing market cycle.”
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