LONDON--(BUSINESS WIRE)--Patron Capital, a pan-European institutional investor focused on real estate mortgage investments, has closed its latest fund, raising 844 million euros (1.038 billion US dollars), including Patron Capital, LP VI ("Fund VI") raised approximately 128 million euros (US$157 million) and investment funds.
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Of the total EUR 844 million raised for Fund VI, 83% came from Patron’s existing investor base and existing relationships, most of which were committed to capital from North America, followed by Asia Pacific, Europe and the Middle East. These investors include pension funds, sovereign wealth funds, endowment funds, foundations and asset management companies. Evercore acted as IPO placement agent.
Fund VI will continue to implement the same investment strategy as Patron’s previous funds, and timely target non-performing investments and undervalued investments directly or indirectly related to Western European real estate. The fund will invest in individual real estate in a wide range of industries, as well as corporate investment and credit opportunities that use real estate as collateral. In recent weeks, the fund has completed several investments, and several other investments are in the final stages of delivery. These investments use approximately 25% of the fund's investment capacity.
Keith Breslauer, founder and managing director of Patron Capital said:
" This is the seventh fund that we have closed in our 21- year history. During this time, we have established a good track record in identifying opportunities and maximizing value. We have also established a very strong relationship and finally proved We can achieve considerable returns in any economic environment. This is why we were able to close this latest fund with such a high proportion of existing investor and customer relationships, and also we were able to introduce it under the background of extreme uncertainty caused by the new crown epidemic The reason for this last funding.
"The epidemic has accelerated the development of many existing trends in different real estate sectors in Europe, and has created opportunities to acquire assets with good fundamentals but poorly managed at attractive prices. Our experienced team, sophisticated methods and more than 3 billion euros The capital means that we have the advantage of taking full advantage of these opportunities, and we are actively seeking to deploy funds. "
About Patron Capital
Patron represents approximately 4.3 billion euros of capital in several funds and related follow-up investments. It invests extensively in real estate, business entities whose value is mainly supported by real estate assets and non-performing debt, and credit-related businesses.
Since its establishment in 1999, Patron has carried out more than 170 transactions in 84 investments and plans involving more than 65 million square feet (6 million square meters) of real estate in 16 countries, many of which have already been realized.
Its investors include various sovereign wealth funds, famous universities, large institutions, private foundations, and high net worth individuals all over North America, Europe, Asia and the Middle East. The main investment advisor for the fund is Patron Capital Advisers LLP, headquartered in London. Patron also has other offices in Europe, including Barcelona and Luxembourg; the group has 71 employees, including a 40-person investment team.