New York-based financial services firm Perella Weinberg Partners is aiming to raise its second pan-Europe opportunistic fund targeting €1.2 billion in capital commitments.
Sources say the New York-based firm, whose real estate team is led by Leon Bressler in London, has decided to target the same amount of capital as it closed on for its 2008 first fund Perella Weinberg Real Estate Fund I.
However, those familiar with the company’s fundraising plans contradicted a report this morning suggesting the Government Investment Corporation of Singapore (GIC) was to be a cornerstone investor in the new offering.
Perella’s first fund has targeted Germany, France, Spain and the UK, and is coming close to being fully invested. Investors in the first fund include the New York State Teachers’ Retirement System and Dutch pension fund manager APG, according to PEREConnect.com. One limited investor in the first fund recently told PERE it had performed “extremely well”.
Among reported deals completed on behalf of the first fund is the acquisition of the Ruhrpark shopping centre in Bochum, Germany, a majority stake in Essen-based Management für immobilien (MFI), the purchase of the Chartis office tower in Paris, some debt attached to landmark Coeur Defense offices in Paris from Goldman Sachs, a Spanish real estate loan book from Royal Bank of Scotland, and the Adelphi building on the Strand in London.
In order to beef up its investing capabilities in the UK, last year it hired Paul Golding from Norges Bank Investment Management, the group responsible for managing the Norwegian Global Pension Fund where he was head of real estate asset strategies.
In the US, Perella Weinberg has also been active in real estate, announcing the creation of commercial mortgage joint venture with Prudential Mortgage Capital Company in July.