Fundraising

The Paris-based fund of funds manager will seek under-the-radar mid-market deals with its latest secondaries vehicle.

The New Mexico State Investment Council is already an investor in two Coller funds.

The terms of Metropolitan Real Estate Equity Partners’s new dedicated real estate secondaries and co-investment fund are in line with other real estate funds that also make secondaries investments.

The Louisiana Municipal Police Employees’ Retirement System committed $15m to the fund.

The fund, Partners Group Global Real Estate 2014, is targeting $1bn and plans to make 25% of its investments in real estate secondaries.

While fewer secondaries funds were being raised in the first quarter, the number of mezzanine and debt funds seeking capital has increased hugely in the past year, according to data released by PEI's Research and Analytics division.

The move happens as Coller Capital continues to raise its Coller International Partners VII, targeting $5.5bn.

The firm has already committed 21% of Stafford International Timberland VII’s $484 million and plans to open an office in Latin America in the third quarter.

The fund, which had a first close nearly 18 months ago, was oversubscribed.

The average size of funds that closed in the first quarter was less than half of the average size of funds that closed in the same period in 2014.