Europe - Orion Capital Managers has raised €900m of capital for its latest opportunistic property fund which will aim to buy bargain real estate across Europe.
The Orion European Real Estate Fund III, which is looking to eventually raise €1bn in equity and has a total investment capacity in excess of €3bn, plans on investing in debt portfolios, non-performing loans and real estate companies across developed, Western-European markets.
The firm said the closed-ended fund was not focusing on specific asset classes or countries but rather would look for opportunistic situations where assets could be purchased at attractive prices.
The fund is Orion's third opportunistic vehicle and comes after the firm sold 80% of the assets held by its previous opportunity funds before the onset of the credit crunch in 2007.
A number of the US and European pension and endowment funds invested in the first two opportunity funds have committed to the latest Orion product.