Fundraising

The manager is expanding beyond its pan-European diversified fund series to raise capital dedicated to hospitality assets in Southern Europe.

The Boston-based manager is targeting an eclectic mix of sectors, including marinas and golf courses.

The firm, which closed its first vehicle in the series just three years ago, now has raised one of the largest funds ever in the strategy.

The New York-based manager plans to deploy the proceeds into in the hospitality, logistics and living sectors, among others.

As core capital makes its return to the European real estate market, the value-add story will become harder to sell, says Barings’ Nick Pink.

The vehicle’s $2.6bn final close came months before Brookfield agreed to buy the Los Angeles-based manager’s outstanding shares.

The New York-based manager’s global head of real estate says the firm still expects to double its AUM in the asset class over the next five years, despite the shocking death of co-CEO and former co-real estate head Joshua Pack.

The managers plan to raise additional capital for their venture focused on grocery-anchored assets in the US and Canada.

The fundraise, which more than doubled its original capital target, represents the largest ever real estate vehicle dedicated to European data centers.

Commitments to date come from high-net-worth individuals and family offices across Europe, the UK, the US and the Middle East.