Sparinvest launches €500m fund of funds

The Danish fund manager has appointed former Schroder fund of funds executive, Marko Multas, to help lead investments from its second global vehicle, Sparinvest Property Fund II. Asia will be a larger focus for the fund, prompting the firm to hire Redevco Asia's Dr. Robert Lie as an adviser.

Sparinvest Property Investors has appointed former Schroder Property Investment Management fund manager Marko Multas to help invest its second global fund, Sparinvest Property Fund II.

The real estate fund of funds vehicle is targeting €500 million ($707 million), according to a statement from the firm, and will invest in value-added opportunities. The firm is expecting a first close later in the year, with additional closings in 2009.

Multas joins Sparinvest as partner and a member of Sparinvest II’s investment committee. He was previously a fund manager for two property fund of funds at Schroders. Multas has also worked for Aberdeen Property Investors Indirect Investment Management in Stockholm.

Sparinvest II will allocate a larger proportion of the equity raised to Asia, according to the firm. As a result, Redevco Asia managing director Dr. Robert Lie has agreed to join Sparinvest’s advisory board. Lie was previously chief executive officer of ING Real Estate Asia.

Managing partner Bo Jensen said the firm had actively expanded its network in Asia, adding that Lie would “bring in a huge amount of hands-on Asian experience and insight of local operators into our investment process.”

Sparinvest's first fund, Sparinvest Property Fund, closed in 2006 on $640 million. Investors for both funds include institutional Danish and international LPs.