The real estate business of Paris-based private equity firm Ardian has attracted €300m in capital commitments for its third value-add real estate investment fund which is targeting a fundraise of €1.2bn, according to a report by PERE.
The report cites an unnamed source with knowledge of the matter as confirming that Ardian Real Estate Europe Fund, which will focus on investments in Western Europe, is 25% of the way to its target.
According to PERE’s source, early backers of the fund are predominantly European investors, with subsequent fundraising for Fund III expected to come from the Middle East, Asia and the US. A second closing is anticipated before the end of the year with a final closing next year.
Ardian has completely deployed the capital of its predecessor Fund II and has almost fully exited the investments of its 2018-vintage first fund, which attracted €740 million from investors and reportedly generated returns of over 10%.
