The Townsend Group has raised $1.5bn (€1.3bn) for its global value-add real estate strategy.

The manager said its Townsend Real Estate Alpha (TREA) fund received the capital commitments from US, Asian, and European investors.

TREA targets joint ventures, co-investments, secondaries, and recapitalisations across global developed markets and seeks to provide clients with diversification by geography, property type, and investment structure.

Terry Ahern, CEO of The Townsend Group, said: “We appreciate the support of our historical investors and welcome many new investors in this endeavour.

“The TREA program continues to provide investors with differentiated exposure to global real estate opportunities and seeks to generate returns that are compelling on both an absolute and risk-adjusted basis.”

Launched in 2007, the TREA strategy has deployed $6.2bn globally as of the end of last year.

Townsend opened the TREA strategy for the first time to European investors and saw increased interest from investors in both the US and Asia.