Palmer/CBRE see £250m regional opportunity
Palmer Capital has formed a joint venture with CBRE Global Investors to launch its latest, and largest, opportunistic fund.
The venture capital and fund management firm’s new UK opportunistic and value-add vehicle, Palmer Capital Development Fund III, has taken in £75m from CBRE Global Multi Manager in a first close and aims to grow to £250m.
CBRE GMM will be the dominant investor in the regional fund, recycling capital coming out of Palmer’s first two vehicles. It will invest £75m in a second close in six months.
It will also hold a position on the investment committee of the fund as part of the JV agreement.