Ares announces final close for European PEP III

The Los Angeles-based fund manager has confirmed a final close for its third European property enhancement fund.

  • Fund: Ares European Property Enhancement Partners III
  • Amount raised: €1.5 billion
  • Target size: €1 billion
  • Stage of fundraising: Final close
  • Final close: October 2021
  • Time on the road: One year and 10 months
  • Predecessor fund: Ares European Property Enhancement Partners II (€665 million)

According to a press release, US asset manager Ares Management Corporation has raised €1.5 billion for Ares European Property Enhancement Partners III. EPEP III was oversubscribed with approximately €1.5 billion of commitments compared with its €1.0 billion target and is more than twice the size of its 2016 predecessor. Like its predecessor, the third-generation fund’s investment activity will focus on the logistics and residential sectors, with a focus on value-add returns in Western and Central Europe.