Ares European Property Enhancement Partners III closes above target at €1.5b

The value-add Ares European Property Enhancement Partners III (EPEP III), managed by Ares Management Corp., has reached final close.

EPEP III was oversubscribed with €1.5 billion ($1.7 billion) of commitments, against a €1 billion ($1.2 billion) target, and was more than twice the size of its 2016 predecessor fund. The fund garnered significant demand from a diverse set of investors from Europe, the Americas, Asia and the Middle East, representing public pensions, sovereign wealth funds, insurance companies, foundations, family offices and private banks.

Ares said the fund received strong support from its incumbent investor base and also attracted a number of investors that are new to both Ares and the Ares Real Estate Group.

“We are pleased with the enthusiastic support that we have received from both existing and new investors in the successor of our European Property Enhancement fund series, and we recognize that much of this has been driven by the posi