Patron Capital has raised €844m to target distressed and undervalued real estate investments in Europe.
The pan-European institutional investor said its Patron Capital VI fund has raised the capital at final close, including €128m of co-investment capital.
The manager said 83% of the capital raised for Fund IV came from Patron’s ”existing investor base and existing relationships, with the majority of commitments coming from North America, followed by Asia Pacific, Europe, and the Middle East”.
Investors included pension funds, sovereign wealth funds, endowments, foundations and asset managers, it said.
Patron Capital said Fund VI will continue the same investment strategy as Patron’s previous funds, opportunistically targeting distressed and undervalued investments, directly or indirectly related to property, across Western Europe.
The fund will invest in individual properties across a range of sectors, as well as in property-backed corporate investments and credit opportunities.
The manager said the fund has already completed several investments and is in the final stages of closing on several others, using approximately 25% of the fund’s investment capacity.
Keith Breslauer, Patron Capital’s founder and managing director, said: “The pandemic has accelerated a number of existing trends across different real estate sectors in Europe, as well as created opportunities to acquire fundamentally sound but mismanaged assets at attractive prices.
“Our experienced team, granular approach and in excess of €3bn of firepower means we are well-positioned to make the most of these opportunities and we are actively looking to deploy capital.”
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