Europe

Germany’s largest public pension group has forged a partnership with the New York-based private markets investment firm to diversify its property portfolio.

After assisting EQT with its $1.8bn acquisition of Exeter Property Group this year, the executive plans to pursue other opportunities.

The joint venture between the Canadian pension plan and the London-based firm will be one of the largest-ever partnerships in the sector in Europe.

Q3 2021’s record $51bn of closed capital proves that more than a few mega-managers can benefit from market consolidation.

Fundraising activity took off during the quarter, fueled by a robust market for midsized vehicles and a record-high average closing size.

The Toronto-headquartered firm has followed its US entry earlier this year with the launch of a European partnership with the New Zealand Superannuation Fund expected to start with a €427m recapitalization deal.

The mega-manager is ahead of schedule on deploying several opportunistic funds and using core-plus capital to close its biggest deals, its COO says.

Distressed debt remained at bay during the first six months of 2021, according to the latest research from Bayes Business School, formerly Cass.

The amount of private real estate capital raised on the continent during the first half of the year was higher than H1 2018 and 2019.

The European private equity real estate manager also plans to begin launching sector-specific funds targeting the country by year-end.