Patron Capital closed its most recent real estate fund, Patron Capital LP VI, at €844 million ($1 billion), a spokeswoman confirmed.
Of the total raised for the fund, 83% came from the pan-European real estate manager's existing investor base and relationships, a news release said. The majority of commitments came from North America, followed by Asia-Pacific, Europe and the Middle East, with investors including pension funds, sovereign wealth funds, endowments and foundations and money managers.
The latest fund will opportunistically target distressed and undervalued investments that are directly or indirectly related to real estate, in Western Europe. It will invest in individual properties across sectors as well as property-backed corporate investments and credit opportunities. About 25% of the fund's investment capacity has already been invested or is in the final stages of being allocated.
Investors include the $12.5 billion University of Michigan, Ann Arbor, which committed €45 million to the feeder fund in June 2019.
"The pandemic has accelerated a number of existing trends across different real estate sectors in Europe, as well as created opportunities to acquire fundamentally sound but mismanaged assets at attractive prices. Our experienced team, granular approach and in excess of €3 billion of firepower means we are well positioned to make the most of these opportunities and we are actively looking to deploy capital," Keith Brelauer, found and managing director at Patron Capital, said in a news release.
