Perella Weinberg Partners has launched Perella Weinberg Real Estate Fund III with a €1.3 billion target, which will use a value-added and opportunistic investment style. The vehicle will invest in real estate equity and debt, the same as its predecessors.

Perella Weinberg Real Estate Fund II closed in 2013 with more than €1.3 billion, making it at the time the largest pan-European opportunistic real estate fund since The Blackstone Group closed its Europe-focused fund, Blackstone Real Estate Partners Europe III, in June 2009. It also surpassed Orion Capital Managers’ Real Estate Fund III in December 2009, which closed on €1.28 billion.

Perella Weinberg Real Estate Fund III is one of three European funds to launch this year, according to the IREI FundTracker Database. The Perella launch follows the opening of Tristan Capital Partners’ European Property Investors Special Opportunities 4, which launched in March with a €1.5 billion fundraising target. And Macq