Patron Capital, a pan-European opportunistic and distressed asset investor, has raised over €880m for its new fund.
Patron Capital, L.P. IV, which includes a €100m dedicated discretionary co-investment pool, attracted blue chip investors, including prominent universities, major institutions, private foundations and high net worth individuals located throughout Europe, North America, Asia and the Middle East.
Continuing the same strategy of prior funds, the vehicle will target distressed property and property backed corporate investments including property companies, hotels and leisure and healthcare, primarily across Western Europe.
It will acquire assets on its own as well as co-investing partners and banks.
Investments are targeted with the aim of generating a 17% to 22% gross IRR over a three to five year investment horizon.
15% of the fund has already been deployed, with investments including Luxury Family Hotels (the distressed Von Essen properties), the Motor Fuels Group chain of retail/petrol stations and the distressed Uni-Invest CMBS transaction in the Netherlands.
Patron Capital was founded by Keith Breslauer in 1999.
FinSMEs
05/09/2012