Aermont Capital, the London-based real estate investment and asset manager, has raised a total of €2 bn of equity for an opportunistic fund ready for deployment across key European markets.
The equity haul is one of the largest – if not the largest – by any firm in 2018. It also surpasses Aermont’s previous fund, PW Real Estate Fund III, which raised €1.5 bn in 2015-2016.
Top North American, European, Middle Eastern, and Asian investors have subscribed to the vehicle called Aermont Capital Real Estate Fund IV, which is yet to make an investment in line with the firm’s philosophy not to ‘warehouse’ investments.
An initial close of €1.6 bn took place in August this year, but a final close at the fund’s €2 bn hard cap did not take place until 31 October. Sources said over 90% of investors from the firm’s previous fund recommitted to the new property vehicle, some of whom increased their overall equity commitments substantially.
Aermont is pursuing a pan-European opportunistic strategy, which has remained unaltered since the firm was established in 2007. At that time, the company was called Perella Weinberg Real Estate.
It is understood demand for the new fund was sufficient enough for the company to have raised several more hundreds of millions of euros, but the firm stuck to the stated limit.
Aermont is an independent firm led by a five-member management committee, which includes former Unibail boss Léon Bressler (managing partner), Paul Golding (partner), Vincent Rouget (partner), Nathan Shike (partner) and Alison Trewartha (partner).