Australian property investment firm Wentworth has reached its A$350m (€197.5m) hard cap for its private equity real estate fund.
The manager said the Wentworth Real Estate Private Equity Fund I fund attracted support from institutional investors including pension funds, sovereign wealth funds and family offices - some of whom are existing direct investors.
Due to strong investor demand, Wentworth upsized the fund’s hard cap from its initial A$250m target, closing the fund ahead of its 12-month deadline.
Wentworth said approximately 50% of capital has already been deployed alongside co-investments totalling over A$600m in off-market transactions.
The fund has a portfolio of seven assets, including inner-ring industrial land, a residential portfolio, commercial office and life sciences assets. Its recent acquisitions include a Sydney University life sciences hub and a prime harbourfront commercial asset in Sydney’s Circular Quay.
Alastair Nash, Wentworth’s CEO, said: “Since founding Wentworth in 2019, raising our first discretionary real estate private equity fund has been a key focus. The fund’s investment strategy will be a continuation of our proven sector-agnostic approach, which allows us to capitalise on market inefficiencies wherever they occur, focusing purely on the best risk-adjusted returns regardless of asset class.
“We have now transacted on over $2.6bn in assets and are well-positioned with significant dry powder to capitalise on the opportunities we’re seeing in today’s dislocated market.”
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