Global institutions have backed Benson Elliot Capital Management to raise over €800m for its latest pan-European value-add/opportunistic fund.

The UK-based private equity real estate fund manager said its Benson Elliot Real Estate Partners V (BEREP V) fund exceeded its €800m target at close. The predecessor fund raised €634m in June 2016.

Launched in 2018, BEREP V was substantially raised in six months, with a repeat investor rate of over 95% from the prior fund, the manager said.

BEREP V received commitments from around 40 institutional investors, including university endowments, insurance companies, pension plans, sovereign wealth funds and family offices. About 40% of the capital was sourced from the US, 35% from Europe, with the balance from the Middle East and Asia.

Benson Elliot said BEREP V will primarily target offices, retail, residential and hotels assets in the UK, France, Germany, Italy and Spain.

Laura Coleman, principal and head of investor relations at Benson Elliot, said: “It is clear that Benson Elliot’s consistent track record, generated over almost two decades, provides our investors with the confidence to entrust capital to the firm, fund after fund.”

Marc Mogull, executive chairman and CIO at Benson Elliot, said: “Benson Elliot has been, and remains, a specialist in Europe’s middle markets. We have consistently delivered on our commitment to provide superior risk-adjusted returns across cycles.”

Mogull said the manager limited the size of BEREP V to avoid the deployment-driven pressures that can confront managers of larger funds.

“We’re fortunate to enjoy significant support from our investor partners, who co-invest alongside the BEREP funds, enabling us to pursue larger transactions.

“We have a healthy pipeline, but will maintain our characteristic investment discipline, prioritising opportunities that offer realisable value-add potential and a clear path to future liquidity.”