LBPAM raises €500m for real estate and infra debt

La Banque Postale Asset Management has held a first close for an innovative infrastructure and real estate debt fund on €500m. 

The investment arm of France’s post office bank, La Banque Postale Asset Management, has raised €500 million for its first real estate and infrastructure debt fund.

LBPAM has held a first close for the fund, which will allow it to begin investing in senior debt underpinning real estate and infrastructure assets in Europe, via both primary and secondary transactions, the firm said in a statement.

It uses an innovative structure with capital split roughly 50/50 between an infrastructure sub-fund and a real estate sub-fund. Fundraising will be conducted at the overarching fund level, however, to allow for positive spill-over when pitching the fund to investors based on one of the two strategies.

“This first close marks an important step for us,” said LBPAM investment director René Kassis in the statement. “We can begin the investment phase whilst continuing to raise capital from investors. The subscription period will remain open for a further nine months,” he added.

Investors to date principally comprise pension funds and insurance companies, the statement said.

The firm has identified social infrastructure, transport, utilities and environmental projects as offering attractive investment opportunities. In real estate, office, retail, residential and logistics assets are its target segments. It has already built a pipeline of attractive opportunities, Kassis said.

LBPAM began fundraising in June last year having pulled together a team of four experts including three experienced managers. Reporting to Vincent Cornet, investment director and member of the LBPAM board, it comprises (in addition to Kassis): Pierre Saeli, a specialist in real estate debt; Pierre Bonnet, who specialises in infrastructure debt; and Irène d’Orgeval, the fund’s chief operating officer. Kassis was formerly head of infrastructure at Dexia and has more than two decades of project finance experience. 

The investment arm of France’s post office bank, La Banque Postale Asset Management, has raised €500 million for its first real estate and infrastructure debt fund.

LBPAM has held a first close for the fund, which will allow it to begin investing in senior debt underpinning real estate and infrastructure assets in Europe, via both primary and secondary transactions, the firm said in a statement.

It uses an innovative structure with capital split roughly 50/50 between an infrastructure sub-fund and a real estate sub-fund. Fundraising will be conducted at the overarching fund level, however, to allow for positive spill-over when pitching the fund to investors based on one of the two strategies.

“This first close marks an important step for us,” said LBPAM investment director René Kassis in the statement. “We can begin the investment phase whilst continuing to raise capital from investors. The subscription period will remain open for a further nine months,” he added.

Investors to date principally comprise pension funds and insurance companies, the statement said.

The firm has identified social infrastructure, transport, utilities and environmental projects as offering attractive investment opportunities. In real estate, office, retail, residential and logistics assets are its target segments. It has already built a pipeline of attractive opportunities, Kassis said.

LBPAM began fundraising in June last year having pulled together a team of four experts including three experienced managers. Reporting to Vincent Cornet, investment director and member of the LBPAM board, it comprises (in addition to Kassis): Pierre Saeli, a specialist in real estate debt; Pierre Bonnet, who specialises in infrastructure debt; and Irène d’Orgeval, the fund’s chief operating officer. Kassis was formerly head of infrastructure at Dexia and has more than two decades of project finance experience.