During April several fund launches and final closes were announced. The largest fund launch announcement was by Ares Management. Apollo European Principal Finance Fund III has a €2.7 billion fundraising target. It will invest in hospitality and residential real estate NPLs, alongside servicing and lending platforms, consumer loans, distressed shipping loans and small-to-medium-enterprise (SME) loans, according to one of its investors. Nordic Real Estate Partners, a pan-Nordic real estate fund manager, has launched a mega-fund, creating a €1.1 billion Nordic logistics platform. NREP Logistics Property Fund will take a strategic long-term approach to the Nordic logistics market and gradually grow the platform over time. Savills Investment Management has also launched a vehicle for the Nordic region. Nordic Fund III – Retail follows a core-plus investment strategy and will invest in European community and neighbourhood shopping centres, as well as regional