EUROPE - AXA Real Estate Investment Managers has raised €800m for a number of segregated accounts from third-party investors and AXA Group clients during the first three months of the year.
The fund manager said it reflected a growing trend among institutional investors seeking separate account mandates.
AXA Real Estate raised slightly less for two pan-European funds during the first quarter - although at €460m, this was still significant.
The new segregated account business came from new and existing investors across Europe, including France, Switzerland and the Nordics, taking assets under management in this capacity to €29bn.
AXA Real Estate said these investors were typically seeking "high-level" investment solutions tailored to specific strategies.
The additional capital was raised for its Development Venture III fund and its European debt fund, Commercial Real Estate Senior 1, launched in January this year.
Kiran Patel, global head of business development, distribution, research and strategy, said: "The strong momentum we have achieved in securing new equity from investors this year is a strong endorsement of our barbell investment strategy and our ability to tailor products specifically for investors' individual needs.
"The fact we have seen such strong interest from investors in both our debt and development funds in particular reflects the increasing appetite since the start of this year for funds with strategies across the entire risk spectrum. Both of these funds are aiming to secure final closings before the summer."
Patel said this would allow the company to offer a new range of products, covering not only Europe, but also Asia and the US.
"We expect to continue to see this strong capital raising momentum for the remainder of the year, based on our discussions with investors in Europe, but also Middle Eastern and US investors looking to deploy capital in the global markets," he added.
"As we emerge from the economic crisis, we are seeing a continued and evolving change in the way investors, particularly large institutions, approach investment opportunities."
Institutions, he said, are "increasingly inquisitive" about investment strategies and undertake significantly more due diligence than in previous times.