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Pro-Invest launches Fund II – Exclusive

The Sydney-based boutique private equity real estate investment firm is back on the fundraising trail just over a year after closing its debut fund.

Pro-Invest Group, a Sydney-based boutique investment firm, has launched its second Australia and New Zealand-focused private equity real estate fund targeting A$500 million ($370 million; €337 million).

PERE has learned that the firm is back on the fundraising trail for the hospitality-focused vehicle little over a year after closing its debut fund, the Australia Hospitality Opportunity (AHO) fund, on A$300 million.

The firm corralled capital for Fund I, which is now more than 80 percent invested, from ten institutional investors in total, including family offices, high-net-worth individuals and institutions from the US and Asia.

Pro-Invest also raised A$80 million in co-investment capital for two Melbourne assets.

For Fund II the firm will follow the same investment strategy as for Fund I, which is to target the development of Holiday Inn Express hotels, a 3-star business hotel segment across Australia and New Zealand, but will also roll out InterContinental Group’s latest lifestyle brand Even Hotels.

Pro-Invest has signed a master franchise agreement for Even Hotels and will be the first group to take the wellness hotels outside of the US. Even Hotels are aimed at the corporate traveller but with a focus on enhanced fitness equipment, healthier food choices and wellness treatments.

In total, Pro-Invest expects to deploy the entire fund corpus in the development of 10 to 12 hotels.

Pro-Invest was founded in 2010 and has offices in Australia and the Middle East. Its headquarters in Sydney employs a staff of around 20 people.