PILinvests, a UK-based fund advisor owned by Australia’s Valad Property Group, is raising a fund of funds to invest in the European vehicles of its parent company.
PILinvests said Private Opportunities in Property, or PIL:EUROPOP1, is an 8-year vehicle with an anticipated internal rate of return of 10 percent or above per year. The first close, said the company, would occur in March next year.
Rather than invest in a range of funds operated by different managers, this fund is investing in three existing European funds operated by its owner, Valad. The three funds are the German Aktiv Property Fund, The Nordic Aktiv Property Fund 2 and the Parc d’Activities. The latter targets multi-occupied industrial parks and distribution centres Ile-de-France and the five major regions of France.
All three of the Valad funds charge investors performance fees of 25 percent above a 10 percent hurdle rate, increasing to 35 percent over a 15 percent hurdle. They also charge the usual fund and management fees. PIL:EUROPOP1 is charging fees to its investors to manage the investments in those funds via an 'operator fee'.
James Sullivan, director at PILinvests, said in a statement that the fund of funds gave private investors access to institutional quality funds and the opportunity to “leverage off the thorough due diligence” carried out by institutional investors. He added it also gave private investors the chance to diversify their exposure across commercial property markets within Europe.
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