Sparinvest has attracted €505m ($564.3m) for its fourth fund.
Nordic institutional investors, including PKA – an anchor investor – SEB Pension, Lærernes Pension, JØP and DIP backed the Property Fund IV.
Nikolaj Stampe, head of real estate at PKA, said: “Sparinvest Property Investors has delivered very strong results in their previous funds, and we believe SPI is able to continue the good performance.
“Therefore, it makes good sense for us to continue our collaboration and outsource our non-domestic property investments to a dedicated specialist like SPI.”
SPF IV will pursue a small and mid-market strategy, investing with operating partners through joint ventures, clubs, co-investments and funds.
Helle Ærendahl Heldbo, portfolio manager in Lærernes Pension, said: “Through SPF IV, we get exposure to some of the best local real estate managers, which would be difficult for us to achieve on our own.”
Around two-thirds of the properties for SPF IV, expected to deliver an 11% net IRR, will be in mature markets.
Assets in the US, Ireland and India have been bought for the fund.
Bo Jensen, managing partner at SPI, said: “While SPF IV is off to a strong start, and our pipeline is deep, we will maintain our disciplined approach as these are times where patience and risk awareness are likely to pay off.”