Patron Capital has raised 鈧�949m ($1bn) for its fifth fund, targeting European opportunities.
The manager said the fund exceeded its original 鈧�750m target.
The amount includes around 鈧�143m of co-investment capital.
Keith Breslauer, Patron Capital鈥檚 founder and managing director, said: 鈥淭he fact we closed this fund in the lead-up to and immediate aftermath of Brexit 鈥� and were significantly oversubscribed 鈥� highlights investors鈥� confidence in our ability to deliver strong returns in any economic environment.鈥�
Investors from nine countries, mainly North America, backed the fund.
Patron Capital said investors included pension funds, sovereign wealth funds, endowments, foundations and asset managers.
Fund V is targeting distressed and undervalued investments in the office, residential and retail sectors, as well as corporate entities.
Around 鈧�164m has been deployed from the fund and its co-investment pool.
The manager said it bought assets in the UK, France, Germany, Ireland, Portugal and Spain.
鈥淥ur new fund alone gives us the financial fire-power to invest in around 鈧�3bn of assets,鈥� said Breslauer.
鈥淗aving already made a number of investments across various countries and sectors, we are actively looking to deploy capital and have several further opportunities under consideration.鈥�
Patron Capital鈥檚 Fund IV has returned more than 60% of capital invested to date and is projected to provide a 25% IRR to investors.
