Linklaters has advised Aermont Capital on the establishment of its fifth real estate fund, Aermont Capital Real Estate Fund V SCSp, which will target opportunistic real estate and real estate related investments within Europe.

The fund has raised approximately €3.8bn at final close, in excess of its €3bn target and hitting the fund’s hard cap. A first closing held in late March 2022 exceeded the fund’s formal target of €3.0 billion. Investors in the fund include some of the most prominent public and private pension plans, sovereign wealth funds and other institutions from Europe, North America, the Middle East and Asia.

Linklaters acted as lead counsel in relation to the fundraising, advising on legal, tax and regulatory aspects, including in respect of marketing, establishment and negotiation of fund terms with investors, as well as SFDR and ESG policy implementation in respect of the fund, which is characterised as an Article 8 fund under the SFDR. Linklaters led on the fund documentation and worked closely alongside Luxembourg counsel on structuring and establishment.

Fund V is the successor to four previous funds that were established in 2007, 2012, 2015 and 2018, and for which Linklaters has also acted as fund counsel. Aermont has now raised €10 billion in aggregate equity commitments across the five funds.

Linklaters’ cross-practice team comprised of partners Clare Baker (Investment Funds), Max Levine and Jamie Coomber (both Tax), counsel Mike Dankis, managing associates Benjamin Jennings (both Investment Funds) and Alexander Goldsmith (Tax), and associates Elias Gurewitsch, Katy Gullestrup and Christian Hoerter (all Investment Funds).