US asset manager Cornerstone is understood to have raised $116 mln (€103 mln) at the first close of a new value-add fund, Cornerstone Real Estate Fund X LP, PropertyEU has learned.
US asset manager Cornerstone is understood to have raised $116 mln (€103 mln) at the first close of a new value-add fund, Cornerstone Real Estate Fund X LP, PropertyEU has learned.
The vehicle, which is targeting a total size of $750 mln (€670 mln), had its first closing earlier this month with equity commitments from a total of five investors.
The fund will invest in commercial real estate assets in North America and Europe, with a value-add risk profile.
The new fund's size represents a sharp increase on Cornerstone's previous fund of this series, CREF VIII, which raised $546 mln in capital in 2012, exceeding its original $400 mln target.
Cornerstone Real Estate Advisers, with offices in the US, UK, Europe and Asia, is a subsidiary of Babson Capital Management, in turn a member of the MassMutual Financial Group.
