Clearbell Capital has raised £400m (€509m) for its latest UK opportunity fund.

The fund management group created by Mountgrange said it had completed fundraising for its Clearbell Property Partners II fund.

The fund was oversubscribed, exceeding its original target of £300m by 33%.

The manager has made a £97m co-invest commitment to the fund.

Around 75% of the 40 commitments to the fund came from pension funds.

In May, the Employees Retirement System of Texas allocated $47m to Clearbell.

Manish Chande, senior partner at Clearbell Capital, said the fund had in excess of £1bn of property investment firepower, including co-investment and leverage.

Clearbell said £126m has so far been invested in five transactions.

Investors in the fund included entities from Australia, South Africa, USA, Canada and Europe.