UFG Asset Management has held a first close on its latest private equity real estate fund, UFG Real Estate.
The Russian firm is hoping to raise $300 million (€193 million) in total when the vehicle finally closes in November, a spokeswoman said.
The vehicle is the second real estate fund that UFG has raised, the first having been closed just last year on $130 million of commitments. That fund was fully committed by June this year.
The fund is looking to acquire plots of land in Moscow and Russia’s larger cities, focusing on land development.
Holger Mueller and Mikhail Tarasov are the fund managers.
The firm has a number of international investment funds including UFG Russia Select, UFG Russia Debt and UFG Russia Alternative.