- PATRIZIA Multi Manager (PMM) Global III is a global value add fund, which had its final close in 2014 with €317m in total commitments. PMM Global III is a continuation of PMM II’s strategy. The Fund targets a net IRR of approximately 12% to investors by investing in the small- and mid-cap segment alongside local operating partners. PMM Global III is fully committed and approximately 60% drawn. Approximately two thirds of the capital are allocated to mature markets and one third to emerging markets. PMM Global III’s loan-to-value ratio is approximately 45% and it has achieved a significant level of risk diversification.
- Exposure to approximately 300 properties through 14 different top tier partners
- Investments in 14 countries through five US partners, four European partners and five Asian partners
- Exposure to more than five property sectors, with a main focus on residential and retail
PMM Global III’s portfolio allocation based on committed equity is as follows: