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Alternatives

J.P. Morgan Asset Management closes $1.3 billion European real estate fund

J.P. Morgan Asset Management (JPM) announced Monday the final closing of its $1.3 billion J.P. Morgan European Opportunistic Property Fund IV, a spokesman said.

The fund, which had a target of $901.7 million, was oversubscribed by 47% and is the fourth in a series of European opportunistic real estate closed-end funds from JPMAM. It is focused on investing in a portfolio of wholly owned investments and joint ventures in the office, retail, industrial and residential sectors across the European Union, with an emphasis on the U.K., France and Germany, according to a news release.

The fund has committed to transactions representing more than 21% of investor commitments, the release said.

Investors in the fund include the $194.1 billion Florida State Board of Administration, Tallahassee.

J.P. Morgan European Opportunistic Property Fund III closed at $847.6 million in December 2015, the spokesman confirmed in an email. The amount the firm raised at the time was 25% above the fund's target.

J.P. Morgan Asset Management's global alternatives group had more than $135 billion in assets under management as of Sept. 30.