Tristan EPISO 4 fund speeds to hard cap (EU)

Pan-European real estate manager Tristan Capital Partners has achieved the fastest capital raising in the firm’s history with equity commitments from investors to its EPISO 4 value-add/opportunistic strategy hitting the fund’s hard cap limit at €1.5 bln for a final closing after just four months of marketing.
With global demand for real estate investment surging, particularly for European assets, Tristan's fund was oversubscribed and the firm found itself unable to accommodate more than €500 mln of unfulfilled demand, leaving EPISO 4 approximately 30% oversubscribed.
European Property Investors Special Opportunities 4 (EPISO 4) is Tristan’s eighth fund. Its mandate is to generate a 15% triple net annual return to investors by investing in Western and Central European markets across the office, logistics, retail and residential sectors.
Tristan accepted equity commitments of €1.2 bln from 25 institutional investors into EPISO 4 for a “first closing.” Furthermore, the manager accepted commitments from 9 additional investors, subject to an agreed delivery schedule over the next 60 days, which brings the fund’s full commitment to just under its €1.5 bln hard cap limit.
Some 50% of the invested capital came from the U.S., 25% was from Europe and 25% from Asia-Pacific. The fund has a total of 34 investors. This compares with 36 investors participating in Tristan’s last equity raise for the EPISO 3 Fund, where the proportions were 40% U.S., 40% Europe and the Middle East, and 20% Asia.
EPISO 3 had a final closing at €950 mln in January 2014 and this fund has been fully committed to over 30 investments across Europe.
Source: Tristan Capital Partners