Orion Capital Managers has raised €1.5bn for its fifth European real estate fund.

The opportunistic real estate manager said its European Real Estate Fund V was oversubscribed.

Aref Lahham, chief executive, said the firm is “excited” by opportunities being generated by current political uncertainty across Europe.

Paris-based Orion said long-term investors backed the vehicle, which made a final close this month. 

Orion Fund V continues the strategies of previous funds, investing in a wide range of assets across Europe. The firm was a major seller in 2014 and 2015.

Rami Badr, who joined Orion 15 years ago, is becoming an additional partner and member of the firm’s investment committee.

Orion said it is looking to make other senior members of its team partners over time.