Global institutions have backed Benson Elliot Capital Management to raise over 鈧�800m for its latest pan-European value-add/opportunistic fund.

The UK-based private equity real estate fund manager said its Benson Elliot Real Estate Partners V (BEREP V) fund exceeded its 鈧�800m target at close. The predecessor fund raised 鈧�634m in June 2016.

Launched in 2018, BEREP V was substantially raised in six months, with a repeat investor rate of over 95% from the prior fund, the manager said.

BEREP V received commitments from around 40 institutional investors, including university endowments, insurance companies, pension plans, sovereign wealth funds and family offices. About 40% of the capital was sourced from the US, 35% from Europe, with the balance from the Middle East and Asia.

Benson Elliot said BEREP V will primarily target offices, retail, residential and hotels assets in the UK, France, Germany, Italy and Spain.

Laura Coleman, principal and head of investor relations at Benson Elliot, said: 鈥淚t is clear that Benson Elliot鈥檚 consistent track record, generated over almost two decades, provides our investors with the confidence to entrust capital to the firm, fund after fund.鈥�

Marc Mogull, executive chairman and CIO at Benson Elliot, said: 鈥淏enson Elliot has been, and remains, a specialist in Europe鈥檚 middle markets. We have consistently delivered on our commitment to provide superior risk-adjusted returns across cycles.鈥�

Mogull said the manager limited the size of BEREP V to avoid the deployment-driven pressures that can confront managers of larger funds.

鈥淲e鈥檙e fortunate to enjoy significant support from our investor partners, who co-invest alongside the BEREP funds, enabling us to pursue larger transactions.

鈥淲e have a healthy pipeline, but will maintain our characteristic investment discipline, prioritising opportunities that offer realisable value-add potential and a clear path to future liquidity.鈥�

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