US alternative asset manager CarVal Investors has held the final closing of its first dedicated European fund after receiving capital commitments of $350 mln (€323 mln).

US alternative asset manager CarVal Investors has held the final closing of its first dedicated European fund after receiving capital commitments of $350 mln (€323 mln).

CVI Europe Real Estate Partners (CVI EREP), which targets commercial and residential investments in France and in the UK, has already made a number of investments and built a 'robust' near-term investment pipeline, the company said in a statement.

CarVal has been opportunistically investing across the office, retail, industrial/logistics and residential sectors in France and the UK for over 18 years but CVI EREP represents the firm's first investment vehicle exclusively dedicated to European real estate.

'We remain extremely positive about the compelling opportunity to acquire real estate assets essentially below replacement costs, with clear asset management plans to enhance value and institutional liquidity,' said Robert Balick, senior managing director and head of European real estate investing for CarVal Investors.

Lazard & Co acted as placement agent for the fundraising and Akin Gump Strauss Haeur & Feld provided legal counsel.

CarVal Investors has over $10 bn in assets under management in both credit and real estate strategies.