Barings, one of the world’s largest diversified real estate investment managers, has closed the Barings Real Estate European Value-Add Fund II (BREEVA II), its second pan-European value-add real estate fund, at its hard-cap of EUR850 million after receiving EUR1 billion of client demand, significantly surpassing the target of EUR750 million.
BREEVA II follows the success of BREEVA I, which has already realised a number of assets and returned more than 60 oper cent its equity to investors and achieved a blended Gross IRR on realisations in excess of 45 per cent.
Of the capital raised for BREEVA II, 50 per cent came from existing investors, with the remainder from new clients, and was well diversified across North America Europe and Asia Pacific. The majority of the capital came from pension funds and insurance companies.
Read more: Private Equity Wire
