Patron Capital has raised €949m ($1bn) for its fifth fund, targeting European opportunities.

The manager said the fund exceeded its original €750m target.

The amount includes around €143m of co-investment capital.

Keith Breslauer, Patron Capital’s founder and managing director, said: “The fact we closed this fund in the lead-up to and immediate aftermath of Brexit – and were significantly oversubscribed – highlights investors’ confidence in our ability to deliver strong returns in any economic environment.”

Investors from nine countries, mainly North America, backed the fund.

Patron Capital said investors included pension funds, sovereign wealth funds, endowments, foundations and asset managers.

Fund V is targeting distressed and undervalued investments in the office, residential and retail sectors, as well as corporate entities.

Around €164m has been deployed from the fund and its co-investment pool.

The manager said it bought assets in the UK, France, Germany, Ireland, Portugal and Spain.

“Our new fund alone gives us the financial fire-power to invest in around €3bn of assets,” said Breslauer.

“Having already made a number of investments across various countries and sectors, we are actively looking to deploy capital and have several further opportunities under consideration.”

Patron Capital’s Fund IV has returned more than 60% of capital invested to date and is projected to provide a 25% IRR to investors.