ActivumSG Capital Management’s fifth fund has raised €489m at final close.

The Jersey-based turnaround specialist focused on European real estate investments, said ActivumSG Fund V is the largest amount of equity raised to date by ASG funds and more than half of the capital came from existing investors.

The fund has already committed more than €200m of the equity raised to investments in Germany and Spain, a recent purchase of fairvesta, the real estate fund platform serving retail investors from across Europe.

Saul Goldstein, ASG’s founder and managing partner, said: “We’ve adapted our strategy because direct real estate markets are so competitive.

Taking the indirect route allows the company to avoid the herd and get exposure to strong investment themes through corporate purchases or mezzanine finance, Goldstein said.

“If we cannot find the right platform that we can scale up, we build it ourselves – as we have done with ASG Homes to seize Spain’s compelling residential development opportunities,” Goldstein added .