LONDON—FIRSTavenue, a leading global private placement agent and advisory firm, has completed the final closing of M&G Real Estate Debt Funds II and III, which were raised simultaneously.
The funds closed at a combined $2.23 billion (£1.35B), exceeding the firm’s $1.65 billion (£1.0B) target. Fund II, which focuses on European mezzanine real estate debt, closed at $1 billion (£605M) and Fund III, which focuses on European stretch senior real estate debt, closed at $1.24 billion (£750M). The funds attracted commitments from a diversified global group of investors, with FIRSTavenue serving as the sole global placement agent.
“M&G is one of the premier names in the real estate market and FIRSTavenue is privileged to partner with them on their successful fundraises,” said Paul Buckley, founder and managing partner of FIRSTavenue. “We look forward to continuing our relationship with the entire M&G team and wish them and their investors much success.”
“As investors started exploring this new asset class, the FIRSTavenue team understood our strategy and guided us through the fundraising process,” commented John Barakat, head of real estate finance at M&G Investments. “They provided a marketing plan that they executed quickly and thoroughly and the investors responded positively. Both junior funds combined with the discretionary capital available for us for the senior mortgage strategy, gives us tremendous firepower to lend across the whole capital structure.”
M&G is an international active asset manager, investing on behalf of individuals and institutions for over 80 years. Founded in 2006, FIRSTavenue is a leading independent global placement agent and advisory firm dedicated to raising capital for a distinguished group of alternative asset managers across private credit, private equity, real assets and real estate in developed and emerging markets.