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Fundraising makes most of summer sunshine
The largest fund to close this summer was AXA Real Estate Investment Managers’ Commercial Real Estate Senior 9, raising more than €2.92 billion in equity commitments. The debt vehicle exceeded its €2.5 billion target. It is AXA Real Estate’s fourth co-mmingled real estate debt fund targeting European third-party institutional investors. The commitments for CRE Senior 9 were received from institutional investors located in the United Kingdom, the Netherlands, France and Switzerland.
Another megafund that held a final close was Tristan Capital Partners’ European Property Investors Special Opportunities 4, raising €1.5 billion from 25 investors in four months after the fund launch in June. According to the firm, the fund, which originally targeted €950 million in equity, was so successful that €500 million of investor commitments had to be turned down.