has raised more than 拢1bn (鈧�1.18bn) for a European debt fund.
The manager said its closed-end Pramerica Real Estate Capital VI (PRECap VI) vehicle surpassed its fundraising target.
More than 80% of the capital was raised during the nine months following the UK鈥檚 referendum on European Union membership.
Investors in the fund, which is targeting double-digit returns, include public and private pension funds, sovereign wealth funds, and insurance companies from the Americas, Europe, the Middle East, and Asia Pacific.
鈥淲e are delighted with the strength of investor participation, particularly after the Brexit vote,鈥� said Andrew Radkiewicz, global head of debt strategies for Real Estate.
鈥淲e saw a fundamental increase in commitments from institutional investors鈥� real estate, private credit and alternative fixed income allocations, due to the sustainable risk adjusted returns offered by this asset class.鈥�
The fund will provide whole loans, mezzanine debt, and preferred equity, targeting predictable income returns combined with capital upside through profit participation.
PGIM said the vehicle would consider investments ranging from 拢10m to over 拢100m, including development finance funding, repositioning, or other value-add initiatives.
