Tristan to raise over €1.5b for new Europe opportunity fund

London-based Tristan Capital Partners has begun raising capital for its latest European value-add/opportunistic fund targeting over €1.5 bn of equity commitments. 

European Property Investors Special Opportunities 5 (EPISO 5) will follow the same opportunistic strategy of its predecessor fund, targeting a net internal rate of return of between 12 and 14% by investing in Western and Central European markets across the office, logistics, retail and residential sectors, according to a presentation by the Texas Municipal Retirement System. The US pension fund plans to commit up to €60 mln of equity to the vehicle.

The fund will target assets ‘with clear, correctable deficiencies impacting value that the manager believes can be quickly fixed and repositioned via re-leasing, recapitalization, restructuring and/or refurbishment’.

Tristan Capital Partners declined a request for comment.

Tristan’s former opportunistic fund, EPISO 4 raised €1.5 bn of equity from 34 investors after just four months of marketing in 2015, in the fastest capital raising in the firm’s history. At the time the vehicle was oversubscribed and the firm found itself unable to accommodate more than €500 mln of unfulfilled demand, leaving EPISO 4 approximately 30% oversubscribed. Some 50% of EPISO 4’s invested capital came from the US, 25% was from Europe and 25% from Asia-Pacific.


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