Tristan Capital Partners has completed the capital raising for its latest value-add/opportunistic fund, with equity commitments from investors totalling around €2bn.
The pan-European real estate investment manager’s European Property Investors Special Opportunities 6 (EPISO 6) fund was fully subscribed with a total of more than 20 investors, including existing and new clients.
Investors in EPISO 6 are predominantly from the pensions, family offices, insurance, and sovereign funds sectors, the manager said, adding that just over half (55%) are from Europe, Asia, and the Middle East, with 45% based in North and South America.
As previously reported, Teachers’ Retirement System of the State of Illinois approved a €100m commitment to EPISO 6.
Its predecessor, EPISO 5, had a final closing of €1.7bn in February 2019 and is fully committed with 30 investments across Europe.
Ric Lewis, founder and co-CIO of Tristan Capital, said: “When we held our first close around a year ago, we could not have predicted or imagined the challenges that lay ahead in 2022. Despite major macro and market headwinds, we have successfully raised around €2bn of capital into our latest opportunistic fund from a loyal base of existing clients and even welcomed new clients into our funds.
“Our focus for this fund is to continue to invest in supply-constrained markets across Europe where we see upside optionality.”
EPISO 6 is Tristan’s 12th fund, targeting a projected 12-14% triple internal rate of return by investing in Western and Central European real estate markets across the high-grade office, logistics, living, hospitality, and life science sectors.
EPISO 6 has made strategic investments including the acquisition of the Point A hotel brand, an office complex in the Netherlands and a residential portfolio in Leipzig, Germany in addition to deploying capital to support a logistics acquisition strategy in Finland.
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