PEI Group Data

The Nordics specialist is already halfway toward its €1bn target for the fund after around six months on the road.

Having previously relied on joint ventures with operating partners to drive performance in residential, BGO will leverage these capabilities in-house with Bell, says co-president Amy Price.

With its latest fund, the firm has pivoted from a focus on ground-up development to buying and upgrading operating assets as return propositions have shifted.

The vehicles are the largest in their respective fund series, with US XI also representing the firm’s largest-ever capital haul for a closed-end real estate fund.

The Madrid-based manager has already hit its revised target for the vehicle, which is due for a final close by mid-year.

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With co-investment capital, the New York-based manager's latest opportunistic vehicle is more than double the size of its predecessor.

The Los Angeles-based firm is targeting a net IRR of 15-18% for its seventh flagship opportunistic fund, which has a $3bn target.

The transaction marks the first time the Japanese insurer has acquired a full or partial stake in a real estate manager.

Pressure for payouts mounts as many 2020- and 2021-vintage funds continue to generate little to no distributions.