AXA Investment Managers-Real Assets has closed its fourth development fund at €600m.

The Development Venture IV fund, backed by 17 global investors from nine countries, will have €2bn to invest.

More than 50% of capital was raised from repeat investors in the three previous Development Venture Funds.

The fund, which has an eight-year life, has a target of €200m build-out value per project.

Property types across all stages of the development cycle will be considered, including green and brownfield sites, existing properties requiring heavy refurbishment and/or by co-investing in development joint ventures.

AXA IM said it would implement a build-to-core development-and-sell approach to take advantage of investor demand for large, high-quality, income-producing assets.

The investment strategy will be driven by timing and focus on core locations in France, the UK, Germany and Spain.

Equity raised for the fund has been invested, with Assembly Bristol – a 1.5-acre development site in the UK city – nearing completion.