Australian commercial real estate manager Quintessential Equity intends to raise $150 million for its new fund to buy commercial property.
The new vehicle, Quintessential Equity Master Fund No. 2, will be an unlisted property fund comprised of a number of single trusts each owning a property but coming under the one umbrella.
Quintessential Equity Master Fund No. 2, targeting a net internal rate of return of more than 8 percent annually, could eventually pull together a portfolio of around $200 million.
Quintessential Equity expects to launch the new fund as its predecessor, which was launched in April last year and secured over $112 million in commitments, gets close to being invested out.