Managers launch 41 new funds in fourth quarter: new offerings primarily target United States and Europe
Despite a glut of investment funds on the market — a case where supply clearly exceeds demand — investment managers continued to roll out new products during fourth quarter 2013. Some 43 new funds were launched during the quarter, seeking to raise an aggregate of more than $19 billion. During the course of 2013, a total of 158 new funds were launched, with an aggregate fundraising goal in excess of
The funds launched during the final three months of the year had an average equity target of $451 million, significantly below the 12-month average of $602 million. In fact, only four of the 43 new offerings had fundraising goals of $1 billion or more: Hermes Real Estate Senior Debt Fund ($1.6 billion), CBRE Strategic Partners U.S. Value 7 ($1.5 billion), Rockpoint Core Plus Real Estate Fund ($1 billion) and RRJ Capital Fund ($1 billion).
Some 19 of the fourth quarter’s new funds are targeting properties in the Americas, primaril