Activum closes German distressed fund on €238m

The firm, founded by a former head of real estate at Cerberus, is targeting distressed real estate and ‘special situations' in Germany.

Activum SG Capital Management has closed its German distressed real estate and special situations fund with €238 million in equity commitments. The firm, which was founded in 2007 by Saul Goldstein, a former head of European real estate at Cerberus, said the fund was more than twice oversubscribed.

Activum said in a statement that its latest fundraising effort was a “step in size” from its first discretionary fund, which was launched in early 2009 and raised €56 million. Investors in the new fund, Activum SF Fund II, are from the US and Europe, with the majority of capital commitments coming from institutional investors, endowments, foundations and family offices.
Atlantic-Pacific Capital was the placement agent.

Sarah Sandström, partner at Atlantic-Pacific Capital in London, said: “Activum SG is shaping up to be
the fundraising of the year and underscores the continued institutional investor demand for
differentiated, best-of-breed managers.”

Saul added in the statement: “The exceptionally strong investor interest in our second fund reflects confidence in our ability to breathe new life into undervalued buildings and unravel complex situations.”