Activum’s third fund oversubscribed at €380m

The boutique European fund manager run by Saul Goldstein has far exceeded its €325 million target for Activum SG Fund III.

Activum SG Capital Management has smashed its fundraising target for Activum SG Fund III by securing €380 million of capital commitments.

The Jersey, UK-headquartered firm set out with a mission to secure €325 million of equity but became “substantially oversubscribed” after six months on the road, it said in a statement today.

Activum, founded in 2007 by Saul Goldstein, has emerged as a leading opportunistic investment firm in the German middle market. Its first fund in 2009 was modest in size at €56 million followed by Activum SG Fund II, which closed on €249 million at the end of 2011.

Before starting Activum, Goldstein worked for nine and a half years at New York-based Cerberus Capital Management for whom he sourced and executed European investments in real estate assets and non-performing loans.

For Fund III, the firm is targeting underperforming real estate related assets in Europe. Capital commitments have come from existing limited partners and new investors from the Americas and Europe.

Goldstein, said: “We have focused on steady platform growth. This capital raise comes at a perfect time for us as we are finding increasingly complex and capital intensive investments in Europe.”

Atlantic-Pacific Capital served as the exclusive global placement agent. Paul Hastings served as legal advisers.

Activum employs 13 people and fund I is currently in liquidation. Fund II is fully invested. Since 2009 the firm has invested a total of €400 million equity in 18 transactions, it added.

As PERE reported in a feature on emerging managers to watch in December, one person with knowledge of the company said: “A number of investors have been tracking them as they are one of the few standout firms in the German market.” The same person said of its founder, Saul Goldstein, “Investors find him to be bright and entrepreneurial.”