Fundraising round-up: slow start to new year
Moorfield Group Ltd has held a final close for Moorfield Real Estate Fund III with more than £350 million (€462 million) from US, European and Japanese investors. The fund received £250 million (€330 million) of discretionary equity capital commitments and more than £100 million (€132 million) of co-investment equity capital commitments.
Moorfield will also supplement this equity with joint venture capital, meaning that Moorfield expects to invest £500 million (€660 million) of equity over the next three years, employing leverage alongside this, as appropriate.
MREF III is a UK-focused opportunistic/value-add fund with a targeted risk-adjusted internal rate of return of 15 percent to 20 percent. Moorfield looks to identify investment opportunities where equity returns can be enhanced with active asset, operational and financial management. MREF III will target sectors and subsectors with attractive supply and demand dynamics.
The fund has started to