Alicia Villegas
Debt funds have been a bright spot in private real estate fundraising lately. But at the same time, the capital piling into the strategy is concerning for some in the industry.
UK property debt specialist Laxfield Capital has added its first commingled debt fund to its longstanding lending business after raising £500 million (€568 million) of discretionary capital from institutional investors.
The portfolio, acquired from Sareb, consists of defaulted loans secured against residential assets and plots of land.
Around a quarter of the French firm’s latest vehicle has been deployed, offering an average coupon of more than 5%.
The European fund manager is planning its initial foray into real estate lending as French peers step up fundraising activity.
The vehicle has exceeded its initial £500m target, with new investors accounting for 40% of commitments.
Industry big hitter appointed executive director and head of structured finance for EMEA in Capital Advisors unit.
.jpg "Portuguese NPL sales set to accelerate")
The heat is on from regulators and politicians to whittle down the country’s NPL mountain.
The French fund manager has raised €240m so far for its second debt fund, which is targeting a final close by year end.
The insurance arm of the French insurer has already deployed over a quarter of the capital raised.