Aviva fund of funds scores second deal

Aviva’s global recapitalisation fund of funds has agreed a second deal.

John Gellatly, head of Aviva’s European multi manager business, said the investment would be to finance the 50-65% tranche of debt for a partly prelet European development.

Aviva Investors Real Estate Capital Partners raised $93.6m at its first closing in December 2010. Its first deal was providing capital for a four-year refinancing of a 4m sq ft industrial portfolio on the US East Coast.

The fund, managed by Aviva’s US head of multi manager Ed Casal, hopes to raise more capital in the next quarter on the back of these early deals.

US recapitalisation fund Clairvue Capital Partners 1 has almost invested all the $250m of equity it raised in 2010, mainly from Goldman Sachs. Clairvue was set up by ex Liquid Realty team Jeff Giller, Brendan Mac-Donald and Josh Cleveland.