Tristan Capital Partners, the London-based firm named after the remote island of Tristan da Cunha, was poised at press time to close its debut fund, the core-plus Curzon Capital Partners (CCP) III Fund, on approximately €420 million in commitments. The fourth and final capital close comes at an interesting time, especially with many firms in Europe hoping to raise opportunity funds.
Chief executive Ric Lewis said: “Many managers are struggling to raise capital because they’re being forced to reach for unrealistically high opportunistic returns in European real estate markets. We said at the launch of the CCP III fund that the current market environment lends itself more to moderate risk, core plus/value-added strategies, and this has been proven by the fact that we’ve already successfully invested more than 40 percent of the equity raised over the last several months.”
A total of 13 institutional investors invested in CCP III. Of the 13, eight are existing investors in funds managed by Tristan, which was started in 2009 and whose forerunner was Curzon Capital.
Head of client relations Monica O’Neill noted that Tristan decided to hold an early final capital close before reaching its initial target of €500 million. “Although there were more institutional investors interested in participating, we decided to cap our marketing efforts to focus on deals we have in our pipeline and manage the already substantial portfolio we’ve built for investors,” she said.
Tristan launched its fundraising effort in earnest last April, although pre-marketing began at the MIPIM trade show in March. Since then, the firm has invested in a €34 million retail and residential complex in Düsseldorf, Germany; €23 million in a new office block in Glasgow, Scotland; €38 million in a high street retail shopping centre in the UK; €100 million in funding for a pan-European logistics developer; and €135 million for six Czech logistics parks.
Lewis’s former firm, Curzon, managed both core-plus funds and value-added/opportunistic vehicles. He noted that the opportunistic vehicle that he managed while at Curzon, European Property Investors Special Opportunities, currently is 95 percent committed with the investment period ending in the next few months. That fund raised €800 million in 2008.
“We’ll be back out in the market, probably in Q2 or Q3 this year, with our private equity fund,” Lewis said.
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