Charlotte D'Souza
The US firm is aiming to hold a final close this summer for the globally focused vehicle, which would be its largest closed-end fund yet.
Founder Keith Breslauer says most US investors were not interested in pursuing distress in Europe, perceiving a greater opportunity at home.
The Southern Europe-focused manager took just five months to reach a final close for the fund, well below the European average.
Average private real estate remuneration growth tapered close to zero in 2023, according to the annual compensation study by PERE and executive recruiter Sousou Partners.
The firm’s chief executive Manfredi Catella is also looking to partner with other Italian institutions on a range of real estate initiatives.
The South Carolina-based manager has raised $1.9bn for the latest iteration in its flagship multifamily fund series.
In just over a year, the manager has raised €600m to invest in student accommodation assets across Southern Europe.
The impact of rising rates on borrowers has yet to catalyze a wave of distressed sales. But there are signs they are coming.
At a size of $1.4bn, ACORE Credit Partners II is also the joint fourth-largest private real estate fund closed globally so far this year.
Markets that are non-regulated or have distress potential are at the top of the menu, investors told delegates at the PERE Network Europe Forum.