Patron Capital, a pan-European investor focused on property-backed investments, has closed its seventh flagship fund, raising in excess of €860m, including more than €200m of Patron discretionary co-investment capital for larger opportunities.
Of the capital raised for Patron Capital VII, 76% came from Patron’s existing investor base and existing relationships, according to a press release, with the majority of commitments coming from the US and Canada, followed by Asia Pacific, Europe and the Middle East. Investors included pension funds, sovereign wealth funds, endowments, foundations and family offices.
Fund VII will continue the same investment strategy as Patron’s previous funds in targeting distressed and undervalued investments that are directly or indirectly related to property across Western Europe. The fund will invest across a range of sectors in property-backed corporate investments as well as individual properties. Patron’s typical deal size ranges from €30m to €80m in equity.
This is the seventh vintage in Patron’s flagship series, which targets returns of 17% to 20% gross IRR and a 1.6x-2.0x gross equity multiple on invested capital over a four-to-five-year investment horizon.
Patron has already started to deploy capital from Fund VII.
