Jet Investment plans Jet 3 launch for late 2021

The new vehicle's target is almost double the €153m that Jet raised for Jet 2, which held a final close in November 2018. The maximum size of the new fund will be €400m, Malik said.

In July 2019, Unquote reported that Jet was initially looking to launch the vehicle in the second half of 2020, with a target of €350-400m, citing director Jan Brávek.

A number of investors in its first two funds have already expressed interest in investing in Jet 3, Malik said. Investors in the first two funds included high-net-worth individuals, family offices and institutional investors.  

Jet aims to expand the portion of institutional investors in the upcoming fund to around 60%, and possibly more, Malik said. This would be an increase from the 30% institutional investor base in the second fund. Pension funds, funds-of-funds and asset managers are among the institutional investors that Jet will be targeting for its third fund. 

The new fund will target buyouts as well as turnarounds, distressed companies and insolvent situations in the Czech Republic, Germany, Poland, Austria and Slovakia. In addition to these core markets, it is also open to opportunistic buys in other markets, mainly in the European Union, Malik said. The typical investment by the new fund will be €50-100m.

With Jet expecting to invest 70% of its current Jet 2 fund by Q1 2021, it makes sense to begin preparing for the next fund, Malik said.

Jet also plans to launch a separate real estate fund, focusing mainly on industrial real estate. The initial equity size of the fund is planned to be around CZK 1bn (€38m), growing to CZK 15bn (€573m) over the coming years, Malik said. The real estate fund will potentially also invest in other properties such as logistics, office and retail centres. The decision to launch a specialised real estate fund was prompted by the fund seeing many companies taking care of their core business, but not their real estate, Malik added.

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