Investors - MAY 2, 2017

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Virginia commits €75m to European real estate fund

by Jody Barhanovich

The $72 billion Virginia Retirement System has committed €75 million ($82 million) to Curzon Capital Partners 5 Long-Life, according to spokesperson Jeanne Chenault.

Curzon Capital Partners 5 Long-Life is managed by Tristan Capital Partners. The firm launched the fund in January with hopes to raise $1 billion in total equity commitments. The fund is a core-plus, long-life real estate fund that will invest in Western and Central European markets across the office, logistics, retail and multifamily sectors.

The fund’s strategy is to identify existing assets with a single correctable impairment and to “remanufacture” core, stabilized assets through active asset management. The fund will offer regular distributions to investors from current income and pursue asset sales opportunistically to maximize returns.

Virginia has a target allocation to real estate of 10 percent.

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