Managers

Standard Life Investments has held its first close on the new Canadian Real Estate Fund, which aims to involve international investors in the Canadian market.

The New York-based firm has closed above target on $350.4 million.

The US real estate financing firm is looking to raise more than three times the amount garnered by its second fund in 2010.

In its first such exchange, the $10.2 billion pension plan intends to sell its investments with one underperforming industrial real estate firm and re-commit the capital to a first-time fund manager in the sector.

The Los Angeles-based real estate investment manager is slated to hold a final close for its value-added fund this month and complete the initial round of capital raising for its open-ended core fund during the fourth quarter.

The Asia-focused firm has raised between $200 million and $300 million for its maiden real estate fund, and is in talks to increase the fund’s target size.

The real estate investment arm of UK insurer Prudential has seen $112 million within its Asia core, open-ended real estate fund change hands with units purchased predominantly by European and American institutional investors.

The San Francisco-based real estate investment firm has closed on its eleventh commingled offering, raising $900 million in equity.

Knighthead Capital and Silo Financial have joined forces to launch Knighthead Funding, which recently closed the Knighthead Special Situations Real Estate Fund on $155 million in equity.

The wholly-owned unit of Johannesburg-based wealth management firm Liberty Group is committing the first $50 million to the fund and expects pension funds, sovereign wealth funds and development finance institutions to commit the rest.