Tristan kicks off €500m fund

London-based Tristan Capital Partners has launched its debut property fund and has hired US investment bank Jefferies to raise the equity.

Tristan Capital Partners, the London-based pan-European private equity real estate firm founded by Ric Lewis, has launched its €500 million debut fund and has hired US investment bank Jefferies as placement agent.
Tristan core-plus offering, Curzon Capital Partners III, is hoping to capture a gap in the market between opportunity funds and core property vehicles.

Lewis, who founded Tristan-forerunner, Curzon Global Partners, in 1999, has traditionally not used a placement agent to raise equity, but he said it was helpful given the personnel and strategic changes that have occurred among investors.

He added he hoped for a first close by April or May this year.

Tristan employs 24 staff, and has offices in London, Milan, Stockholm and Luxembourg.

The firm will soon be moving out of office space it shares with AEW Europe into independent offices in London’s Berkeley Square.

Massachusetts-born Lewis is the former chief investment officer of AEW Europe who separated out from AEW Europe towards the end of 2008 and established Tristan in 2009. Under the Tristan business, he continues to manage two AEW opportunity funds, European Property Investors and European Property Investors Special Opportunities (EPISO). AEW dropped the Curzon brand as part of a restructuring, but Lewis owns the rights to the Curzon name.