Tristan Capital back in the market for €1.5bn European opportunity fund

Tristan Capital Partners has begun raising capital for its latest European opportunity fund and has already attracted interest from Texas Municipal Retirement System (TMRS).

According to a TMRS board meeting report, Tristan Capital is seeking to raise €1.5bn for European Property Investors Special Opportunities (EPISO) 5.

Its predecessor raised this amount in four months, which Tristan Capital said at the time was its fastest ever fundraise.

Last month, EPISO 4 sold a portfolio of office buildings in Finland.

Tristan Capital declined a request for comment.

IPE Real Assets understands EPISO 5 will follow the same strategy of its predecessor.

TMRS said the fund will target net returns of between 12% and 14% by investing in assets “with clear, correctable deficiencies impacting value that the manager believes can be quickly fixed and repositioned”.

The pension fund’s investment team and advisory firm Courtland is recommending that the board approves a commitment to the fund of up to €60m.

It has also recommended a commitment of up to $75m (€64.3m) to the Torchlight Debt Opportunity Fund VI.

Torchlight Investors is seeking to raise $1.5bn for the real estate debt fund, according to TMRS.

The fund will take debt positions on value-add real estate transactions, including senior loans, mezzanine financing, commercial mortgage-backed securities and preferred equity.

It will target net returns of between 11% and 14%.

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