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Aberdeen’s secondaries real estate fund of funds smashes target by reaching €300m hard cap

9 Jul 2014

door knockerAberdeen Asset Management has reached the €300m hard cap for its oversubscribed European Secondaries Property Fund of Funds.

The private equity firm’s final close for the vehicle is around two months ahead of its deadline, with the fundraising scheduled to finish in September this year.

LPs in the fund include Swedish pension buffer fund Första AP-fonden as lead investor, as well as the Korea Scientists & Engineers Mutual-aid Association (SEMA) and an unnamed Nordic investor. Aberdeen also committed GP funds to the vehicle.

Aberdeen said 38 per cent of the capital raised had already been committed to eight secondaries investments, giving it exposure to 200 properties across Europe.

The team said its investment approach was to focus on quality defined by the underlying characteristics of the properties and the expertise of management, with the guiding factor the ability to buy portfolios at attractive discounts.

Aberdeen’s global head of alternatives Andrew McCaffery said,“The success of this fund launch is a reflection of Aberdeen’s experience, expertise and in-depth coverage of the property funds universe.

“The secondaries market is particularly attractive with an increasing number of opportunities with investors becoming more active in the management and composition of their indirect property portfolios.”

Yesterday Aberdeen announced that it had raised $100m for a diversified secondaries fund of fund, plus a further €120m which it would devote to two Carlyle Group funds.

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