Pictet Group’s alternative investment arm has raised $362m (€335m) for a second real estate co-investment vehicle, exceeding its $300m target size.
Pictet Alternative Advisors (PAA) said the capital raised for the Monte Rosa Properties II fund also exceeds the $256m raised for the first fund which closed in 2018.
The fund manager said Monte Rosa Properties II, which has already committed $82m of its capital to six separate transactions, expects to compile a portfolio of 15-20 co-investments, with the possibility to add secondary transactions.
The fund will mainly target sectors driven by consumer needs – such as logistics, data centres and housing – as well as the sustainable renovation of buildings, such as offices, and distressed opportunities “emerging from the current macroeconomic landscape”.
Laurent Gabert, the head of Pictet’s real estate multi-manager investment, said the recent geopolitical and economic shocks have destabilised markets, fuelling volatility and investors’ uncertainty.
“Paired with the imperative transition towards a more sustainable world and the increasing need for flexible and agile lifestyles, the current landscape has opened up for interesting investment opportunities in global property markets where value creation and capital appreciation are at the core of return generation,” he said.
“The successful closing of our second real estate co-investment programme highlights the ongoing commitment and trust from our existing and newly onboarded investors in an environment characterised by a slowdown in transactions and investor activity.”
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