Nordic investment manager Niam has raised an initial €134m for a core-plus real estate fund.
The Stockholm-based private equity firm said its Core Plus fund would target assets across the Nordic region.
Marketing for the fund, a limited partnership established in Luxembourg, began in February.
The first close represents 45% of the fund’s targeted size, Niam said.
Capital came from German, Dutch and Swedish pension funds and existing institutional investors.
Niam is aiming for a net IRR target of 8% and an annual income yield of 5%.
The fund will target office, retail and residential property investments in the four Nordic countries.
Johan Bergman, chief executive at Niam, said: “We continue to see great income-producing opportunities in real estate in our markets.”
Niam raised €800m for its sixth opportunistic property fund, Niam Nordic VI, earlier this year.