UK asset manager Venn Partners has raised 拢185 mln (鈧�230 mln) at the second close of its commercial real estate debt fund Venn Commercial Real Estate Fund I.
The fund will focus on providing value-add loans in the UK and selected Western European markets. The loans of between 拢5 mln and 拢50 mln will be offered in the mid-market at up to 75% LTV, including loan maturities for a period of six months to five years.
Institutional investors, including UK and US-based pension funds, contributed to the fund. A final close is expected in the third quarter of 2016.
Managing partner Paul House said: 鈥淲e are delighted with the level of commitments secured for the fund and grateful for the trust investors have placed in us.鈥�
Venn Partners recently announced it was entering the Dutch mortgage market with a fund that aims to lend 鈧�2 bn annually to homeowners by the end of 2018.
