Peakside Capital Advisors AG has raised €160m in equity in the first close of the Peakside Real Estate Fund IV (PREF IV), which corresponds to 80% of the equity base of the predecessor fund. The capital stems from institutional investors and family offices across Europe. Overall, Peakside plans to raise around €350m of equity for a total investment volume including debt of up to €900m for PREF IV. Target IRR is set at 15% net p.a. The focus of the fund lies on German real estate investments impacted by pricing dislocations and opportunities with value-add potential within a price range of between €30m and €150m per investment.
Stefan Aumann, Managing Partner at Peakside, said: “We are especially proud that almost all investors of the predecessor fund PREF III have also committed to the first close of the fourth iteration. Returns in both funds II and III are significantly above expectations, affirming the trust the investors put in our products.”
Frank Schafer, Managing Director and Head of Business Development, added: “With PREF IV, we will continue our successful active value-add strategies. As the first in the series, the fund meets the German 'real estate quota' criteria. Together with the advancement of our sustainability strategy, we are thus systematically expanding our investor base.” Peakside had signed the UN Principles for Responsible Investment (UNPRI) last year."