Patron hits €880m for fourth fund

Patron Capital LP IV, which includes a €100m dedicated co-investment pool, aims to generate an average gross IRR of 17-22% over a three- to five-year investment horizon. Monument Group acted as placement agent for the fund.

Investors
A number of existing investors returned for Fund IV, while around 40% of committed capital came from new investors. The LP base includes universities, private foundations, high-net-worth individuals and large institutional investors from Europe, North America, Asia and the Middle East.

Investments
Fund IV will adopt a similar strategy to Patron's previous funds, targeting distressed and undervalued investments that are directly or indirectly related to property. It is geographically focused on Western Europe.

Around 15% of the fund has already been invested in companies including Luxury Family Hotels, Motor Fuels Group and Uni-Invest CMBS.

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