UK privately held firm Yoo Capital Investment Management has completed the first closing of its second fund, Yoo Capital Fund II, raising £200 mln (€230 mln) in capital from institutional investors from across six continents.
The fund, which is targeting total equity of £400 mln, will look to invest primarily in central London assets in edge-of-prime and infill locations, where it will create mixed-use, leisure, healthcare and life sciences assets.
Launched in the third quarter of 2019, it is the first in a series of funds to be launched by Yoo Capital in partnership with Astarte Capital Partners. It will be managed by private equity veteran Lloyd Lee.
The launch follows Yoo’s first fund, which has invested £1.3 bn into the redevelopment of the Olympia exhibition centre in London in partnership with investors including Germany’s Bayerische Versorgungskammer and Versicherungskammer
John Hitchcox, chairman of Yoo Group, said: ‘YCFII will enable Yoo Capital to bring further substantial capital to key projects in Central London and other major cities. Having invested in over £2 bn of UK assets over the last 10 years, we are committed to creating new opportunities, transformative assets, and providing economic stability in this critical period for the real estate sector.’
Stavros Siokos, managing partner at Astarte Capital, said: ‘As global asset managers specialising in real assets, Astarte Capital has deep sector expertise in investing across multiple economic cycles. Notwithstanding today’s volatile market conditions, we will leverage our experience to realise the significant opportunities for well-capitalised and talented managers like Yoo Capital.’
Yoo Capital has engaged Park Hill Group to act as placement agent for YCFII after the first close.