Four pension funds including Denmark’s PKA have backed Patrizia Immobilien’s fifth multi managers fund to raise around a quarter of its €700m fundraising target at first close.

Patrizia said PMM Global V has received €182m. The fund will invest in global real estate through funds, club deals, joint ventures and co-investments.

The fund has already completed its first investment, a value-add office investment in Hong Kong with an existing Asian partner, Patrizia said.

Nikolaj Stampe, the head of real estate at the Danish pension provider, PKA, which represents four pension funds invested in PMM Global V, said: “The Patrizia Multi Managers team has delivered very strong results in their previous funds and we believe PMM Global V will continue this good performance.

”Therefore it makes good sense for us to continue our collaboration and outsource our non-domestic property investments to a dedicated team of specialists like Patrizia Multi Managers.”

Patrizia Multi Managers or PPM is the new name for Sparinvest Property Investors which was acquired by Patrizia in October.

Mads Rude, head of Patrizia Multi Managers, said: “Following the recent integration into the Patrizia platform, it is encouraging to see our existing investors continue to believe in us and support our investment approach. It is important to emphasize that Patrizia Multi Managers team, as would be expected by investors, has a full autonomy over the actual investment decisions.

“The focus for PMM Global V will continue to be on the small- and mid-cap segment, where we believe we can achieve the best risk-adjusted returns.”

Patrizia said the previous PMM Global IV fund recently executed its 19th investment to complete a €500m equity programme. This fund is already invested in 140 assets and when fully invested its ownership is expected to be across 250 different assets.