Cornerstone hits €175m first close for Euro fund – Exclusive

It is understood that MassMutual, which owns Cornerstone Real Estate Advisors, has seeded the platform’s Europe-focused, open-ended core fund.


Cornerstone Real Estate Advisers has held a €175 million first close for its Europe-focused vehicle Cornerstone European Core Fund, the firm’s first fund in the region.

PERE has learned that Cornerstone’s parent company, Massachusetts Mutual Life Company provided the investment

After expanding its business in Europe last year, the Connecticut-based fund manager began marketing the fund in January this year.

Cornerstone is seeking to raise €1 billion for the open-ended fund for which it will target a diversified range of assets. The firm declined to comment on the fundraising.

In February, PERE reported that the management fee for the fund was tiered, with commitments of up to €25 million resulting in a 1.15 percent fee; 1.05 percent for pledges of €25 million to €50 million; and 0.95 percent for commitments exceeding €50 million.

A second pan-European fund, a value-add vehicle, is thought to be in the works.

Last year, Cornerstone made six senior European hires, including the December recruitment of Sebastian Wohlers as director of business development at the firm’s Hamburg office. In July the firm also opened three new European offices, in Paris, Madrid and Milan, which led to the hiring of Severine Laffineur, as head of France, Valeria Falcone, as head of Italy, and Adolfo Favieres, as head of Spain, at the back end of last year.

Last year Cornerstone also boosted its global expansion strategy with the bolt-on of €1 billion firm Pamera Asset Management in Germany.




Cornerstone manages more than $49 billion of assets, of which approximately $3.5 billion is in Europe, for more than 200 investors, as of December 31, 2015.