A new UK-based alternative investment and asset management business is to hit the fundraising trail with a trio of new funds aimed at taking advantage of current opportunities in the real estate, private equity and infrastructure sectors across Europe.
PERE has learned that Chaucer Alternative Asset Management, which was launched last week by a diverse group of entrepreneurs including David Nun, Andrew Priest and Scott Knight, is to embark on a global fundraising tour from this month.
The firm, which is based in Canterbury, UK, aims to raise €3 billion for a real estate fund targeting investments deriving from distressed sale situations across major European cities. In addition, it is targeting €2 billion in capital commitments for a private equity fund and a further €1 billion for an infrastructure vehicle – both of which will also invest in Europe.
Chaucer was unavailable for comment, but the firm said in an opening statement in an illuminating PPM obtained by PERE: “We are approaching a time where both the capital raising markets are returning and there are still significant investment opportunities across the alternative asset classes. We feel the timing is perfect to share our unique investment and asset management skill sets with those institutions with equity to invest but who will need the expertise to ensure that equity is invested wisely. Our intention with this fundraising is to travel as a group visiting a host of welcoming investment houses along the way.”
The 1392 Real Estate Fund is expected to corral investments of up to €200 million each from up to 15 committed institutional investors. The vehicle is expected to invest in both offices and retail in what the firm describes as “hub cities” including London, Chartres, Rome and Tours as well as home city Canterbury. It is targeting a gross IRR of more than 15 percent through “opportunistic investment” and “active asset management”. The fund will have a life span of seven years.
The Prologue Private Equity Fund is aiming to garner up to 10 institutional commitments of up to €200 million each and provide a return of more than 20 percent while the Decameron Infrastructure Fund is to be marketed to institutions able to commit between €50 million and €100 million. The fund is set to run for 10 years or more.