Townsend Group raises $496m for real estate fund of funds

The Townsend Group has held a final close for its latest global private real estate fund, according to a filing with the SEC.

Townsend Real Estate Alpha Fund II raised $496 million in capital commitments from more than 20 institutional investors including public and private sector pension funds, foundations, endowments and select private wealth partners. The fund has invested more than $300 million of its capital.

“The volatility in the markets is providing us with compelling investment opportunities,” said Terry Ahern, CEO of Townsend, in a statement. “We are finding investments with attractive returns, good equity multiples and the ability to structure strong downside protection. These opportunities come to us through our offices in Europe, Asia and the United States. “

The fund of funds launched i