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Harbert closes fifth Euro fund on €662 million

Harbert Management Corporation has closed its fifth European value-add fund on €662 million. 

The Alabama-based manager will target a variety of property types in the UK and continental Europe with Harbert European Real Estate Fund V. The firm, which has more than $3 billion of real estate assets under management, has made three investments from the vehicle, totalling more than €45 million. 
Harbert surpassed the fundraising target of €600 million but was well under the hard cap of €750 million. The fund’s size fits with the firm’s asset-level investment strategy, Travis Pritchett, the group’s global head of real assets said. 

Fund V is the largest in the European series. Harbert raised €359 million for Fund IV and €255 million for Fund III. 

Pension funds, endowments, insurance companies and sovereign wealth funds committed capital to the fund, with most writing checks between €40 million and €50 million. The Oklahoma Teachers’ Retirement System and Teachers’ Retirement System of Louisiana committed $50 million each. Several others committed roughly €100 million each. Many investors are based in the US and were looking to diversify their real estate portfolios with added European exposure. 

Source: PERE News, 16 July 2019 ( https://www.perenews.com/harbert-closes-fifth-euro-fund-on-e662m-exclusive/