Landmark buys stakes in Europa funds

Simsbury, Connecticut-based Landmark Partners recently acquired limited partnership interests in two of Europa Capital’s funds.

Landmark Partners has upped its stake in Europa Capital’s Europa Fund III, according to UK regulatory filings. Additionally, the Simsbury, Connecticut-based private equity and real estate secondaries firm also purchased a limited partnership interest in Europa Fund II.

Landmark bought the LP stakes in both funds from Southern Methodist University’s (SMU) $1 billion endowment. The firm executed the two transactions on behalf of its latest real estate secondaries fund, Landmark Real Estate Partners VII.

The fund launched early last year and had collected $670 million against a $1 billion target as of August. Limited partners include the Oregon Public Employees’ Retirement System, Connecticut Retirement Plans and Trust Fund and the Kentucky Teachers’ Retirement System. Secondaries Investor reported in November that the fund was likely to be oversubscribed.

Landmark Real Estate Partners VII acquires secondary partnership interests in private real estate funds. On behalf of the fund, Landmark also acquired an LP stake in Europa Fund III from the Regents of the University of Michigan in October.

Europa Fund III closed on €731 million in 2008, while Europa Fund II raised €450 million in 2004, according to PEI’s Research and Analytics division. Both funds are now in the harvesting stage. The Europa funds’ pan-European strategy focuses on real estate investments across the region, including recapitalisations, refurbishments and repositionings.

Landmark, Europa and SMU did not respond to requests for comment by press time.