Tristan holds second close of €750m EPISO 3

Tristan Capital Partners is nearing the halfway point of its €750 mln equity target for its EPISO 3 opportunity fund after a second closing,

Tristan expects to hold a third closing in June or July for investors who are in an advanced stage due diligence now.

Tristan CEO Ric Lewis said: 'We are pleased to add three additional investors, including major institutions from the US and Germany in this second closing. We are also experiencing a lot of interest from US and Asia alongside our traditional European institutional investor base in the EPISO 3 Fund's opportunistic strategy in Europe.'

Tristan has completed 22 investments in the value-added investment space in the last 18 months, he added. 'I feel that many of these transactions are among the best deals we’ve completed since the market run-up started the last cycle in 2003/4. The first mover advantage of having already amassed equity and debt capital for value added investment strategies across Europe has paid off.'

EPISO 3’s mandate is to invest in Western and Central European markets across the office, logistics, retail and residential sectors. The fund’s strategy is to target investment returns of 15% net to investors and with a maximum leverage of 60% loan-to-value.

Since EPISO 3’s first close in December 2012, the fund has closed on its first three investments and has a pipeline of other transactions in process. Most of the new capital from this closing has been earmarked for deals for which Tristan already has secured exclusivity.

Lazard is acting as advisor to Tristan on the marketing and fundraising of EPISO 3.