Qualitas secured approximately A$100 million in the initial close of its second opportunistic property fund, IPE Real Assets reported.
The Melbourne-based real estate investment manager expects to hit its A$500 million fundraising target for the investment vehicle, which was launched in July, within a year.
Qualitas has attracted capital commitments for the latest fund from several of its existing institutional backers, including investors from Europe. The fund will open to new investors in subsequent closes.
Qualitas Group Managing Director Andrew Schwartz told the publication that the fund will seek opportunities to partner with property developers to recapitalize or reposition a project, noting that he expects to finalize the first deal for the new fund soon.
