Tristan Capital Partners has secured €800m (£694m) in equity commitments for its fifth core-plus fund three months after its launch.
Curzon Capital Partners 5 Long-Life, which is targeting €1bn in commitments, will invest in office, logistics, retail and residential assets in western and central Europe.
The fund will target a return of at least 10% with a target annual dividend of 3-5% and leverage of up to 45% loan-to-value.
It is Tristan’s first perpetual vehicle, which combines elements of closed-ended and open-ended fund structures. It will have an initial 10-year term, after which an investor committee will decide whether to keep the fund running.
Ric Lewis, chief executive of Tristan Capital Partners, said: “After years of damp, faltering growth, Europe is full of undermanaged capex-starved assets and the gap between the cost of these impaired assets and the value of repaired, income-delivering core assets remain high and lucrative.
“CCP 5 LL will allow our clients to capitalise on this opportunity, helping them to manage exposure to the market as the cycle ages with lower risk and lower leverage, without sacrificing the upside that comes from active management.”
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