AXA Real Estate has raised €2.9bn for its ninth real estate debt fund and was awarded a £350m (€498m) separate account mandate from a UK pension fund.
The investment manager said its latest senior debt fund, Commercial Real Estate Senior 9 (CRE9), exceeded its €2.5bn target at final close.
A number of insurance companies and pension funds backed the fund, with commitments from 18 institutional investors from the UK, the Netherlands, France, Germany, Ireland, Sweden, Denmark, Belgium and Switzerland.
Timothé Rauly, head of commercial real estate finance, said the company had secured third-party, regulated German capital for the first time.
Investors wishing to remain invested can recycle capital back into the fund once loans mature.
AXA said its total real estate debt platform is now at €11.3bn, of which €1.8bn was raised over the last six months.
The manager said it has already invested €9bn.
CRE9 incorporates a German feeder fund issuing rated notes to locally-regulated institutional investors.