London-based Mountgrange Investment Management, a UK property fund and asset manager, has closed its debut vehicle on £300 million (€342; $475 million) of commitments.
Mountgrange Real Estate Opportunity Fund attracted more than 30 investors from around the world including the US, Canada, UK, Continental Europe, the Middle East and Australia, with capital coming from endowment and pension funds, sovereign wealth funds, fund of funds, high net worth individuals and family offices.
In a statement, the firm said it expected the fund to take advantage of current depressed valuations in order to make opportunistic investments across a number of market segments. These include under-performing assets or portfolios and acquisitions, strategic land opportunities, and the creation of new platform businesses.
Manish Chande, a senior partner, said: “We believe there are opportunities in the UK which can provide substantial returns for our investors. Our task now is to bring these identified opportunities to fruition and maximise their underlying potential.”
Martin Myers is the other senior partner at Mountgrange. The team includes partners Nick Berry, Sally Doyle-Linden, Rob West, and Rob Mills, who was previously at JER Partners.
Credit Suisse reportedly acted as the placement agent.
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