Cheyne Capital Management raises £600m

The London-based real estate investment firm closes latest credit fund at hard-cap.

Cheyne Capital Management has closed its fifth real estate credit fund at its hard-cap of £600 million ($800 million; €673 million), beating its initial target of $650 million. The latest fund aims to take an opportunistic approach to financing with the ability to invest across the capital structure. It aims to achieve double digit returns but with a focus on capital preservation.

The New Mexico Public Employees Retirement Association and the Royal County of Berkshire Pension Fund are among the investors committed to the fund.

Cheyne Real Estate Credit Holdings Fund IV, which was launched concurrently with Fund V in 2016, is expected to reach a final close in Q1 2019.