Invel raises capital for second Southern Europe opportunity fund  

Invel, the firm launched by ex-RREEF executive Chris Papachristophorou, has raised capital for its first institutionally-backed, full discretionary value-add and opportunistic fund focused on southern Europe, PERE can reveal.

A source close to the London-based firm said the manager is looking to raise €300 million in equity from investors for Eudora Fund II, which is expected to run for seven years, including a three-year investment period.

The source said Invel held a first close on the fund in May, raising €60 million, and wants to hold a second close in early 2024.

Capital is anticipated to come from institutions in Europe, North America and the Middle East, as well as from family offices.

The equity is expected to be deployed into three kinds of transactions: real estate equity, real estate debt and corporate real estate.

An early deal included the recapitalization of an asset in Italy. Investors in the fund should also expect to see loan-to-own strategies among other types of opportunistic forays.

The target region for the fund is Southern Europe, with a particular focus on Greece and Italy, markets where the firm has already a presence and track record.

The vehicle is expected to generate net IRRs north of 18 percent and a 1.7x equity multiple.

Invel appointed ex-Colony Capital executive Christophe de Taurines as partner and head of business development last month, an appointment expected to bolster the firm’s chances of fundraising success.

The fundraising marks an institutional graduation from the firm’s maiden effort, Eudora Fund I, which garnered €65 million from family offices in 2021, although Invel has managed institutional capital for other vehicles.

Indeed, since its inception in 2013, Invel has deployed more than €1.6 billion of equity on behalf of institutional investors across 20 transactions through both fund and co-investment structures. Invel manages more than €3.7 billion of assets.

The firm declined to comment.