Goldman Sachs’ Vintage Funds have backed Cain International to raise €324m for its inaugural European real estate fund.
Cain’s European Real Estate Opportunity Fund I (EREO I) fund received €70m from the Vintage Funds as well as an unspecified amount of capital from US-based Security Benefit Life Insurance. Cain’s founding partners and members of its senior management team also committed to the fund.
The manager said 70% of the fund’s capital has been deployed across several European gateway cities, including Dublin, Paris and Madrid.
EREO I’s remaining capital will be used to target opportunities in the residential sector in markets where Cain has an established investment track record, leveraging the firm’s combined experience across the asset class as well as continuing its overarching strategy of partnering with strong local operators, Cain said.
Richard Pilkington, a senior managing director and head of European real estate at Cain International, said: “While the last year has undoubtedly had its challenges for both investors and emerging managers, we are fortunate to have partnered with an exceptional and forward-thinking investor base over the past 24 months, building a robust portfolio that spans some of Europe’s most desirable and promising markets.
“We are thrilled to be able to complement our existing partner and investor base with a globally recognised institution like Goldman Sachs. Achieving this milestone is a testament to the team’s diligence and is a cornerstone for our business’s future growth.”
Igor Ostrowski, executive director, real estate and private equity at Goldman Sachs, said: “We are impressed by the Cain team’s ability to identify and execute on compelling investment opportunities, regardless of the past year’s turbulent backdrop.
“We are excited to invest in a fund with an attractive seed portfolio and remain confident in the future of high-quality assets in European gateway and challenger cities.”
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