Fundraising - MAY 1, 2014

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DRC has $820m final close on European debt fund

by Reg Clodfelter

London-based DRC Capital has had a £485 million ($820 million) final close on its European Real Estate Debt Fund II, according to a filing with the SEC.

The debt fund launched in June 2012 with a fundraising goal between £400 million and £600 million ($675 million and $1.0 billion), and is seeking net returns around 11 percent. The fund will invest across the acquisition finance spectrum — refinancing and purchasing discounted performing loans in the secondary market. In addition, it will have a minority allocation to junior performing European CMBS bonds. 

Founded in 2008, DRC Capital typically invests in loans secured against quality assets with performing loans or bonds but with an unsustainable level of leverage. The firm has arranged more than £

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