Hospitality

4Founders Capital Hospitality FCRE SA is a €60 million hotel real estate fund launched in January 2026 by 4Founders Capital, a Barcelona-based investment management firm founded in 2017 by Jesús Monleón, Marc Badosa, Javier Pérez-Tenessa, and Marek Fodor, later joined by Paula Blázquez. The fund is registered with Spain's Comisión Nacional del Mercado de Valores (CNMV) under number 239, and represents 4Founders Capital's first fund specialized in hotel real estate — a strategic expansion of the firm's investment activity beyond its established venture capital franchise, which by the time of the launch had surpassed €130 million in AUM across three technology-focused funds. Enrique Domínguez, founder of GaiaRooms — an operator managing over 100 hotels and 1,500+ rooms — joins the fund as Head of Investment Strategy. The fund targets acquisition and asset management of approximately 15 hotels, prioritizing prime locations in secondary Spanish cities where hotel stocks still attract relatively limited institutional investment volumes. The strategy combines income from hotel operations with long-term capital appreciation through hands-on asset management, digitalization, and modernization of acquired properties. The value-add approach is underscored by GaiaRooms' end-to-end digitalization model, which the fund intends to deploy across portfolio assets to drive operational efficiency and higher NOI. The fund has a six-year investment horizon. 4Founders Capital Hospitality targets a net Internal Rate of Return above 12% for investors, with individual transaction IRR targets of around 18%. The fund operates within the Spanish hotel market, which has experienced sustained growth in international tourism and hotel investment flows, providing a macro tailwind for the fund's Spanish-focused hospitality real estate strategy. The vehicle is structured as an FCR (Fondo de Capital Riesgo Especializado en el mercado inmobiliario), a Spanish alternative investment fund format.

Ansor, a UK-based private equity firm, has successfully closed its second fund, Ansor Fund II, at the hard cap of £250 million, nearly doubling the size of its inaugural fund raised in 2019. The fund was significantly oversubscribed, attracting a carefully curated group of high-quality limited partners, including leading US-based endowments and blue-chip European investors. Ansor Fund II will continue the firm’s strategy of building high-quality assets through rapid “ground-up” buy-and-build consolidation within fast-growing yet fragmented subsectors. The firm targets resilient, EBITDA-positive businesses that can undergo multiple value inflections through its precision-engineered value creation approach. Led by founding partners Edward Ainsworth, Peter Marson, and Peter Strafford, Ansor leverages over 20 years of experience creating businesses from scratch within the UK SME ecosystem. Since transitioning to a private equity model in 2019, the firm has refined its systematic investment approach and expanded its team and tech infrastructure.

BGO US Value-Add Lending Fund II is a real estate debt vehicle managed by BGO (BentallGreenOak), one of North America's largest and most diversified real estate investment and services firms with more than USD 90 billion in assets under management globally. The fund originates senior and mezzanine loans secured by transitional properties across the United States, targeting loan sizes between USD 20 million and USD 250 million with loan-to-value ratios of up to 85% and loan terms of one to five years. Fund II builds on the success of BGO's predecessor lending vehicle, which raised USD 361 million and established the platform's credibility as a flexible alternative lender in a market where traditional banks have meaningfully retrenched. The fund provides capital for acquisition, refinancing, redevelopment, and construction projects across commercial real estate property types including multifamily, industrial, hospitality, life sciences, and self-storage. Its structure allows BGO to offer speed, certainty, and flexibility that institutional bank lenders often cannot match. The fund has attracted commitments from leading institutional investors, including the Massachusetts Pension Reserves Investment Management Board (MassPRIM), which committed USD 100 million to Fund II, underscoring the platform's underwriting quality and risk management standards. BGO's US lending platform is led by Managing Director Abbe Franchot Borok and Managing Director Jessica Lee, experienced debt capital markets professionals with deep expertise in real estate credit. BGO (BentallGreenOak) was formed in 2019 through the combination of GreenOak Real Estate and Bentall Kennedy and is backed by Sun Life Financial as its principal institutional shareholder, providing scale, stability, and global origination capabilities across its lending strategies.

Bain Capital Real Estate Fund III is a USD 3.4 billion value-add and opportunistic real estate vehicle managed by Bain Capital Real Estate, the dedicated real estate arm of Bain Capital, one of the world's leading alternative investment firms with over USD 185 billion in assets under management. The fund completed its final close on January 13, 2026, raising USD 3.4 billion in total commitments, representing a significant step up over the USD 3 billion raised by predecessor Bain Capital Real Estate Fund II. Fund III is the centerpiece of a broader USD 5 billion capital formation effort that also includes a USD 1.6 billion co-investment raised alongside 11North Partners, collectively representing Bain Capital Real Estate's most substantial fundraising effort to date. Bain Capital Real Estate deploys capital into high-conviction real estate opportunities characterized by structural supply constraints, demand tailwinds, or operational complexity that benefits from active asset management. Fund III targets value-add and opportunistic investments across US commercial real estate with a focus on industrial, residential, and hospitality assets where the firm's operational capabilities and institutional relationships can generate risk-adjusted outperformance. The firm's deep integration with Bain Capital's broader credit, private equity, and operational resources provides portfolio companies with differentiated value-creation tools beyond standard financial engineering. The fund attracted commitments from a globally diversified investor base of leading pension funds, sovereign wealth funds, insurance companies, and endowments, across North America, Europe, and Asia Pacific. Bain Capital Real Estate was established in 2014 and has built a consistent track record across its flagship fund series, positioning Fund III as the firm's most ambitious vehicle for US commercial real estate value creation.

BlueFive Reef Private Equity Fund I is a $2 billion closed‑end buyout vehicle launched by BlueFive Capital and registered with the Abu Dhabi Global Market (ADGM), marking one of the largest private equity raises in the Gulf region. The fund targets both majority and minority stakes in high‑growth, large‑cap businesses across the GCC—specifically in healthcare, technology, hospitality, aviation, and industrial sectors—partnering with strong regional founders to elevate local champions toward global competitiveness. Positioned to leverage the Gulf’s economic diversification and strategic East‑West gateway role, Reef I seeks to capitalize on evolving market dynamics as governments broaden their non‑oil economies, with geographic focus on GCC countries and potential expansion into Asia and Latin America as aligned with BlueFive’s broader strategy.

GREYKITE European Real Estate Fund I, SCSp, launched in 2024 and domiciled in Luxembourg, is a London‑based opportunistic real estate fund targeting high-conviction European markets. With cornerstone LP commitments from Capital Constellation (Wafra), Leucadia Asset Management, and later Goldman Sachs Vintage Strategies, the fund closed approximately US $324.5 M in March and raised additional equity amounting to €335 M by October, culminating in a total fund size around US $660 M. The fund’s main focus lies in scalable, operationally intensive themes including logistics/industrial, student accommodation (PBSA), single-family rental (SFR), and selected hospitality or life sciences plays, with active value creation via asset and corporate-level initiatives. In its logistics strategy, Fund I led a €300 M joint venture in Poland (seed portfolio ~€130 M, ~60% debt) and acquired a €350 M, 98%‑occupied 13‑asset logistics portfolio across Germany, France, and the UK (400 k m²), leased to blue‑chip tenants. Further diversification includes a Munich-based PBSA JV targeting ~190 beds and €250 M investment by 2026/27, and a £750 M SFR venture in the UK with Gatehouse, aiming to deploy ~£200 M by end‑2024 and acquire up to 2,500 homes.