AXA Real Estate Commercial Real Estate Senior 9 has held a first close, raising more than €1.5 billion. AXA Real Estate is targeting a final fund size of €2.5 billion, making it the largest European CRE senior loan fund in the market.
The fund is AXA Real Estate’s fourth commingled real estate debt fund targeting European third-party institutional investors. The structure of the fund allows capital to be recycled back into CRE Senior 9 once loans have matured, thus allowing investors to retain their investment.
In other fund news, Revcap Advisors Ltd has held a £225 million (€310.42 million) final close for its opportunistic fund, Kitty Hawk Capital Partners III, surpassing its £200 million (€275.93 million) target.
The fund targets real estate co-investment opportunities in smaller market transactions. It has already invested approximately 20 percent of its capital in transactions located in the United Kingdom, Sweden, France and Germany.