Brockton Capital has closed its third fund having collected more than £860 million (€1.10 billion; $1.23 billion) since launching the vehicle in June 2014.
The London-based firm originally targeted £675 million but was able to garner commitments of just under £800 million for the fund, with the balance coming from sidecar vehicles for co-investment.
The fund’s investor base is highly institutional and comes mainly from the US, UK, continental Europe and the Middle East. As with the previous Brockton funds, private and public pension funds provide most of the investor capital, followed by insurance companies, private endowments and family offices.
The fund, Brockton Capital Fund III, is the largest UK-only, value-added fund ever raised. The firm focuses exclusively on the UK real estate market investing across all sectors, typically into assets that have a large degree of asset management initiatives at either the financial, physical or occupier level.
Brockton has already committed over 30 percent of the capital in its third fund to investments ranging from offices in emerging neighborhoods of London to multi-tenanted, high-yielding industrial estates across the UK.
The firm’s predecessor fund closed in 2010 on £500 million of commitments. Brockton’s first private equity real estate fund arrived in 2006 – a year after the firm launched – attracting £135 million of equity.
“We appreciate the continued support from our investors. The upcoming UK Brexit referendum could provide some short-to-medium term volatility in the UK economy, which may provide some additional opportunities for the Brockton Capital fund,” said Jason Blank, co-managing partner of Brockton.