LGT Clerestory raises $123m for fund of funds

New York City–based LGT Clerestory has raised $122.9 million for Crown Small Cap Real Estate Fund II, a globally focused fund of funds, according to a filing with the SEC.

The value-added/opportunistic fund launched in March 2013 and is looking to raise $400 million by July 2015. The global fund of funds will not focus on a specific property type and will invest in funds that work in both primary and secondary markets. While the fund, which is targeting returns of 11 percent to 14 percent, is open to investing in funds that target markets all over the globe, it will reportedly focus on funds that primarily invest in the United States, Europe and Japan.

LGT Clerestory (formerly Clerestory Capital Advisors) is the real estate competence center for LGT Capital Partners business unit, a leading alt