Australian-listed 360 Capital Group is looking to raise AUD370m (€261m) for a private real estate fund.

The company’s flagship Total Return Fund, also listed on the ASX, has provided AUD74m of cornerstone capital for the Private Equity Real Estate Fund.

The Total Return Fund announced that it had raised AUD40.6m on the ASX, which will go towards the AUD74m commitment.

The Total Return Fund intends to own a 20% stake in the Private Equity Real Estate Fund – on the assumption that it reaches its AUD370m fundraising target.

Tony Pitt, managing director of 360 Capital, told IPE Real Estate that fundraising from third-party investors had already begun.

He said the company had secured “half a dozen offshore investors under confidentiality arrangements”, mostly from Asia.

The fund, which has already begun to invest, will make opportunistic direct and indirect real estate investments in Australia.