Sparinvest Property Investors has closed out its latest global fund of funds offering on €200 million, the firm announced today. The Denmark-based company, which was formed in 2005, said it had secured commitments from Danish institutional investors, including PKA, PenSam and Laerernes Pension, for Sparinvest Property Fund (SPF) II.
The fund's focus areas include multifamily properties in California, office properties in New York, hotels in Germany and shopping centers in China, according to managing partner Bo Jensen. SPF II is aiming to deliver net returns of 10 – 13 percent by a balanced exposure to Asia, the Americas and Europe and expects to select up to eight additional funds within the next 12 months.
Sparinvest originally set out to raise €500 million for its second fund in the series, but the firm decided to halve that target last year in the face of a tougher-than-expected fundraising environment. It held a first close of €100 million in 2009, which was followed shortly after by a second closing.
In October last year, Jensen told PERE that Sparinvest had experienced an uptick in investor sentiment towards fund of funds during 2010 and was confident of reaching the new revised target for a final closing of €250 million in January.