Landmark buys stakes in Europa funds

 The Simsbury, Connecticut-based private equity and real estate secondaries firm recently acquired limited partnership interests in two of Europa Capital’s funds.

Landmark Partners has upped its stake in the Europa Capital’s Europa Fund III, the London-based real estate fund manager’s third pan-European fund, according to filings in the UK’s The Gazette. Additionally, the Simsbury, Connecticut-based private equity and real estate secondaries firm also has purchased a limited partnership (LP) interest in Europa Fund II. The filings did not disclose further details on the secondary purchases. 

Landmark, which is led by chairman Francisco Borges, bought the LP stakes in both funds from Southern Methodist University’s $1 billion endowment. The firm executed the two transactions on behalf of its latest real estate secondaries fund, Landmark Real Estate Partners VII.  

The fund was launched early last year and had collected $670 million against a $1 billion target as of August. Limited partners include the Oregon Public Employees’ Retirement System, Connecticut Retirement Plans and Trust Fund and the Kentucky Teachers Retirement System. PERE’s sister publication Secondaries Investor reported in November that the fund was likely to be oversubscribed, and that Landmark was expected to hold a final close on the vehicle in the next few months. 

Landmark Real Estate Partners VII will be focused on acquiring secondary partnership interests in private real estate funds, and will be broadly diversified across vintage year, property type and geography. On behalf of the fund, Landmark also acquired an LP stake in Europa Fund III from the Regents of the University of Michigan in October. 

Europa Fund III closed on €731 million of commitments in 2008, while Europa Fund II raised a total of €450 million in 2004, according to PERE’s Research and Analytics division. Both funds are now in the harvesting stage. The Europa funds’ pan-European strategy focuses on real estate investments across the region, including recapitalizations, refurbishments and repositionings. 

Landmark, Europa and Southern Methodist University did not respond to requests for comment by press time.