DRC Capital raises £471m for European debt fund

DRC Capital, a London-based independent investment adviser focusing on the commercial real estate debt sector in Europe, has raised £471 million ($617 million) for its latest European debt fund, DRC European Real Estate Debt Fund III, according to IREI’s FundTracker database. The firm did not comment on its fundraising efforts.

DRC European Real Estate Debt Fund III is a value-added/opportunistic real estate fund that will invest in debt secured by European properties, particularly in Western Europe. These properties include retail, office, hotel, industrial, multifamily, self-storage and student housing. The firm is seeking to raise a maximum of £600 million ($787 million) in capital for the fund.

Throughout its fundraising, the fund has received capital from multiple investors, including $75 million from the Public Employees Retirement Association of New Mexico in 2016, which was