SINGAPORE (July 1): ARA Venn, an investment manager of real estate private debt has secured €200 million ($313.2 million) from institutional investors for its latest fund Venn Commercial Real Estate Fund II (VeCREF II) on Wednesday.

The sum raised marks the first close of VeCREF II.

ARA Asset Management Limited, which recently partnered with Venn to form ARA Venn, participated as a cornerstone investor.

VeCREF II will invest in whole loans secured by commercial real estate assets across Western Europe. It targets a net internal rate of return (IRR) of mid to high single digits and regular quarterly income distributions for its investors.

The fund’s investment strategy targets loans secured by value-add real estate opportunities across all asset classes with a focus on Western Europe.