
ITALY - Advanced Capital launches real estate fund
Advanced Capital has received the green light from Bankitalia for the launch of its EUR 300m AC Real Estate fund, the first in Italy. The fund is reported to have a eight year life span and will seek an annual return rate of 15%.
The fund will cover a wide geographical area and will take advantage of distressed opportunities in mature markets.
AC III, the firm’s third private equity fund-of-funds with a target of EUR 300m has raised EUR 200m; its closing is also expected next spring. Among the investors to the two previous funds are Fideuram, Aletti, Credit Suisse, various banking foundations the Benetton, Berlusconi, Seragnoli and Tabacchi families. AC I netted a 2.9x multiple on investments.
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