Patron Capital closed its fifth fund at €949 million ($1.05 billion), exceeding its original target, with investors including pension fund, sovereign wealth funds, endowments and foundations.
Patron Capital V had a target of €750 million. The fund includes about €143 million of co-investment capital.
The fund opportunistically targets distressed and undervalued investments — directly or indirectly — related to real estate across Western Europe. It will invest in a range of sectors in real estate-backed corporate investments, as well as individual real estate. About €164 million already has been deployed.
Among institutions making commitments to the fund are the $8.3 billion Arizona Public Safety Personnel Retirement System, Phoenix; $11 billion Kentucky Retirement Systems, Frankfort; the $10 billion University of Michigan, Ann Arbor, endowment; and the $651 million Merced County (Calif.) Employees’ Retirement Association.
“The fact that we closed this fund in the lead-up to and immediate aftermath of Brexit – and were significantly oversubscribed – highlights investors’ confidence in our ability to deliver strong returns in any economic environment,” said Keith Breslauer, founder and managing director at Patron Capital, in a news release.
