Natixis Capital Partners (NCP) has closed its third private equity real estate fund, Captiva Capital Partners III, having raised €420 million from European institutional investors.
The fund started marketing in May 2008 and closed to new investors in January 2009. It will invest in corporate real estate transactions primarily in Benelux, France, Germany, Italy and Spain. The fund has already invested over €160 million into a portfolio of more than €360 million of real estate assets, the firm said.
Fund III’s predecessor, Captiva Partners II, closed in August 2005 having garnered commitments of €400 million. It has since acquired assets worth €2 billion, according to the firm, and its investment period is set to end in September 2009. The firm’s first fund, Captiva Partners I, was established in 2004, has entered the liquidation phased having acquired assets valued at €1.4 billion, according to the firm.
Phil Holland, chief financial officer at NCP, told PERE in an interview that fundraising had been “harder than we had hoped”, as investors become much more careful about where they put their money.
“As the global credit crisis has significantly reduced access to capital, corporations and governments are increasingly considering their real estate assets as an instrument to generated liquidity … We see this trend continuing in the longer-term,” John van Oost, managing partners of NCP, said in a statement.
NCP will use three established platforms to invest Fund III: Agapia, which focuses on German healthcare properties; Axiom, which invests in German mixed-use and industrial properties; and Mercurio, which buys Italian warehouse properties.