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Largest Private Equity Real Estate Funds to Close in Q3 2012

by Farhaz Miah

  • 12 Oct 2012
  • RE

In Q3 2012, 27 closed-end private real estate vehicles held a final close, raising an aggregate $9.6bn. The largest fund to close in the quarter was Patron Capital Fund IV. The €880mn distressed and opportunistic fund targets a diversified array of property types, including hotels, leisure and entertainment, and medical and healthcare facilities located in Western Europe. The second largest fund to close in Q3 2012 was CapitaMalls China Development Fund III, which raised an aggregate $1bn to invest in shopping malls and retail properties throughout China.

Thirteen US-focused funds closed in the third quarter of 2012, raising an aggregate $4.3bn, with Carmel Partners Investment Fund IV being the largest of these vehicles. The $820mn fund, which utilizes value added, opportunistic, debt and distressed strategies, focuses on the acquisition and repositioning of under-performing multi-family investments high barrier of entry markets in the US.

Five Europe-focused real estate funds closed in Q3 2012, raising a total of €1.6bn. ICECAPITAL Housing Fund III was the second largest Europe-focused fund, after Patron Capital Fund IV, to have closed during this period. The €400mn vehicle aims to target residential property in key urban growth centres in Finland.

Six Asia-focused funds closed in Q3 2012, raising an aggregate $3bn. Real Estate Capital Asia Partners III, managed by Real Estate Capital Asia Partners, is the second largest Asia-focused fund that closed in the quarter after CapitaMalls China Development Fund III. It raised a total of $530mn in investor commitments. The opportunistic fund targets a range of property types across Japan, Greater China and Southeast Asia.

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