The real estate fund manager that span out of Perella Weinberg in 2015 has secured backing for its first fund under the new name of Aermont Capital.
Two US pension funds have committed a total of €200m to Aermont Capital Real Estate Fund IV, according to two board meeting reports seen by IPE Real Assets.
It is the first fund to be marketed under the Aermont moniker, which the company adopted in 2016, having become independent of Perella Weinberg a year earlier.
Aermont is led by founder and managing partner Léon Bressler, and its partners include other former Perella Weinberg executives.
New York State Teachers Retirement System (NYSTRS) has approved a €150m commitment to the fund, and Los Angeles County Employees Retirement Association (LACERA) is expected to approve a €50m commitment at its board meeting this week.
Aermont is seeking to raise €1.6bn by September, with an upper limit of €2bn. The company and employees will co-invest at least €20m.
According to Aermont’s website, the previous fund, PW Real Estate III, raised €1.5bn in 2015 and 2016. The first two funds raised €1.2bn in 2007-08 and €1.3bn in 2012-13, respectively.
A LACERA board meeting report shows that, since inception, the first three funds generated a composite net return of 18% and a 1.5x mulitple. The new fund will target a net internal rate return of 15%.
NYSTRS, which said it invested €150m in a previous fund, told IPE Real Assets that it was an “opportunity to participate in a pan-European fund focused on opportunistic investments in direct real estate properties and operating companies/platforms”.
Aermont will invest across sectors and will focus on Western European cities including Paris, Berlin, Frankfurt, London, Milan and Lisbon.
The strategy could include change-of-use investments and redevelopments. Ground-up developments have been limited to 25% of the fund.
