BlackRock raises $780m

The global asset manager’s real assets division holds interim close of fifth European value-add property fund.

BlackRock Real Assets has held a first close of Blackrock Europe Property Fund V (EFV) at $780 million. The firm’s fifth European value-add property fund has a target size of $1.4 billion and will invest primarily in Germany, France, the Nordics, Ireland and Spain as well as selectively in the UK.

Investors at first close include twenty four pension funds, sovereign wealth funds, financial institutions, insurance companies, endowments and family offices located in North America, Europe, Asia Pacific, Latin America and the Middle East.

The Florida State Board of Administration is known to have invested €100 million in EFV.

The previous fund in the series, which held a final close in 2015, raised €700 million against a €1 billion target.