The London Fund, a collaboration between U.K. pension fund pools to focus on investments in the City of London, committed £30 million ($35 million) to Yoo Capital Fund II, a real estate fund run by Yoo Capital Management and the Astarte Special Opportunities Platform.
Yoo Capital Fund II focuses on redeveloping and repositioning existing properties, largely in the Greater London area. The fund has already acquired two seed assets: Shepherd’s Bush Market and the Saville Theatre, a news release by the London Fund said.
The London Fund is a partnership between Local Pension Partnership Investments, which is the manager of the fund, and London CIV, which is the alternative investment fund manager, a spokeswoman said. Both pools are based in London.
LPPI runs £22.8 billion in assets on behalf of eight local authorities while London CIV has £13.9 billion in AUM on behalf of 32 member funds.
Yoo Capital Management has a long-term partnership with Astarte Capital Partners, a specialist co-investment platform that identifies and invests in best-in-class emerging managers in the real assets sector. The two partnered to launch real estate funds, including Yoo Capital Fund II.
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