Clearbell Capital, the private equity real estate fund management business, has closed its new real state fund having reached its hard cap of £400 mln (€635 mln).

Clearbell Capital, the private equity real estate fund management business, has closed its new real state fund having reached its hard cap of £400 mln (€635 mln).

Clearbell Property Partners II fund was oversubscribed, exceeding its original target of £300 mln by 33%. The new fund is further supported by co-investment which, to date, accounts for an additional £62 mln on top of the £126 mln of fund commitments allocated to five Clearbell transactions since mid-2013, with a further £35 mln of co-investment for future transactions.

The fund has a strong global investor base of around 40 investors, including institutions from Australia, South Africa, US, Canada and Europe, and the UK. The majority of the investors are pension funds and there are also commitments from not for profit organisations, fund of funds and high net worth investors.

Manish Chande, Senior Partner at Clearbell Capital, commented: 'This oversubscribed fund raise. means that with co-investment and leverage, we have in excess of £1 bn of property investment firepower.'

Clearbell is independently owned, led by a team of five partners with established UK market expertise spanning multiple cycles and across various property types.

The Clearbell fund's transactions include the investment in Monza platform, a business run by Pluto Finance which provides stretch senior debt to residential developers; the acquisition of CV portfolio, a 600,000 sq ft portfolio of six office buildings, predominately located in the South-East of England; the purchase of 3, 4 and 5 Harbour Exchange in London’s Docklands area; the launch of a logistics platform, currently comprised of six assets, and the acquisition of The Gates Shopping Centre in the historic cathedral and university city of Durham.