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Laxman Pai, Opalesque Asia:

The alternative asset manager based in Copenhagen, Nordic Real Estate Partners (NREP) has raised €1.9bn ($2.2 billion) for its Nordic Strategies Fund IV, making it the largest Nordic real estate fund ever.

The real estate investment company said in a press note that it had set a fundraising target of €1.25 billion for its Fund IV, based on the €900 million raised by its predecessor, Nordic Strategies Fund III, in 2018.

"The fund's size, which is the largest Nordic real estate fund ever, reflects the depth of the structural supply-demand imbalances that NREP seeks to address," said the release.

NREP has already committed more than 40% of the fund's capital and the company's qualified pipeline exceeds the fund's remaining capital. The fund was capped to match the investment opportunity and demand from investors significantly exceeded the fund's capacity, it said.

NREP's investors are primarily pension funds, international and from the Nordics. Among the new investors is Industriens Pension, a labor market pension scheme for industrial employees in Denmark. NREP's new fund is also backed by Novo Holdings, the holding company of the Novo Nordisk Foundation, one of the world's largest charitable foundations. Novo Holdings recently became a minority owner of NREP, after having invested in the company's funds since 2018.

Investors in the fund also include New York State Common Retirement Fund, Albany; Los Angeles Fire & Police Pens......................

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