ASG holds €489m final close

ActivumSG Fund V, the latest European fund managed by real estate turnaround specialist ActivumSG Capital Management (ASG), has secured €489 million ($589 million) at its final close of capital-raising. International investors’ commitments support a strategy that pivots away from conventional property purchases to focus on building up corporate platforms and other indirect paths to gain exposure to attractive real estate market investment themes.

“We’ve adapted our strategy because direct real estate markets are so competitive,” said Saul Goldstein, ASG’s founder and managing partner. “Taking the indirect route allows us to avoid the herd and get exposure to strong investment themes through corporate purchases or mezzanine finance. 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.”

In Germany, the predecessor to Fund V m