Patron Capital closed its Patron Capital LP IV fund at €880 million ($1.1 billion).
Investors include the $6.5 billion Arizona Public Safety Personnel Retirement System, Phoenix, which committed €8 million, and the $7.8 billion University of Michigan Board of Regents, Ann Arbor, committed $35 million.
The total includes a €100 million dedicated co-investment pool, over which Patron has investment discretion.
Fundraising began in 2011 with an original target of €750 million.
Patron invests in European distressed property and property-backed companies.
“It's exciting because this is the largest pool of discretionary capital we've raised so far, and we raised it during a time when Europe (at times has seemed to be) falling apart,” said Keith M. Breslauer, founder and managing director of Patron.