Perella Weinberg Partners surpasses €600m for Europe fund

The New York-based advisor and asset management firm held an initial closing over the summer for a higher return real estate fund, with a second close due imminently.

Perella Weinberg Partners, the New York-based global advisor and asset manager, has raised more than €600 million of equity commitments for a pan European opportunistic real estate fund, PERE has learned.

According to people familiar with the firm, an initial close was held in July for Perella Weinberg Real Estate Fund II, which is targeting European real estate deals for investors seeking opportunistic returns. A second close on the vehicle is expected shortly, with a final close slated for the first half of 2013.

APG Asset Management, the Dutch pension fund manager that invests on behalf of 4.5 million Dutch workers, is among the investors so far. 

Perella Weinberg, which employs around 400 people, has more than $9.1 billion of managed assets and offices in London, Abu Dhabi, Beijing, Denver, Austin and San Francisco, launched the current real estate fund at the end of 2011.

It is seeking to replicate the size of its maiden European vehicle, Perella Weinberg Real Estate Fund I, which has a 2007 vintage and finally closed to investors on €1.2 billion of capital commitments in 2008. That fund is now fully invested and is in the harvesting stage.

Last month, for example, investors are said to have received a significant distribution from two investments made on behalf of Perella Weinberg Real Estate Fund I. The firm recently sold a 51 percent stake in German retail company, Mfi, to Europe’s largest listed property company Unibail-Rodamco. It also sold a 50 percent stake in Ruhr-Park, one of Germany’s largest shopping centres to the same French company. According to a statement by Unibail-Rodamco in June, Perella Weinberg has an option to sell to it the remaining 49 percent stake in Mfi between July 2014 and March 2017.

The company declined to comment on its activities. It is not using a placement agent in the capital raising according to professionals in the market. Its real estate investing activities are led in London by Léon Bressler, who was chairman and chief executive officer of Unibail from 1992 until June 2006.