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 $3.4 billion value-add real estate private equity fund managed by Bain Capital Real Estate, the dedicated real estate investment platform of Boston-based Bain Capital. The fund completed its final close on January 13, 2026, attracting commitments from a broad group of new and existing institutional limited partners globally alongside $300 million from Bain Capital employees and alumni, a structure reflecting strong manager-LP alignment. Combined with an associated $1.6 billion co-investment vehicle called 11North Partners, total investable capital across the platform exceeds $5 billion. Fund III pursues a research-driven, thematic value-add strategy targeting demand-driven, supply-constrained property sectors in the United States where active ownership and operational improvement can accelerate performance. Core investment themes include urban infill industrial properties, open-air retail, leisure and hospitality venues, medical outpatient buildings, for-rent townhomes, senior housing facilities, marinas, storage properties, and digital real estate assets. The fund focuses on high-growth US markets including Florida, South Carolina, the Northern New Jersey corridor, and the Washington DC metropolitan area, with a deliberate mandate to invest in alternative property sectors that complement traditional institutional real estate allocations. Bain Capital Real Estate Fund III builds on the firm's established track record, surpassing the $3.0 billion committed to predecessor Fund II. As of September 30, 2025, the platform had invested or committed more than $10.7 billion in equity across multiple property sectors since inception. Institutional investors backing Fund III include the New Jersey Division of Investment ($250 million), the Los Angeles County Employees Retirement Association ($150 million), and the Teachers Retirement System of Louisiana ($75 million), reflecting validation from major public pension systems.

BlueFive Reef Private Equity Fund I is the debut private equity vehicle from BlueFive Capital, a newly established Abu Dhabi-based investment firm founded in November 2024 by Hazem Ben-Gacem, formerly Co-CEO of Investcorp where he led the firm for over six years and built a 30-year career. The fund raised $2 billion in just nine months from its founding — an extraordinary pace for a first-time fund — reflecting deep LP relationships built during Ben-Gacem's tenure at Investcorp, which managed over $55 billion in assets at its peak under his leadership. BlueFive Capital is registered with and regulated by the Abu Dhabi Global Market (ADGM) and manages the fund from its UAE base. BlueFive Reef Private Equity Fund I pursues a concentrated strategy focused on the Gulf Cooperation Council (GCC) region, targeting mid-market and growth-stage companies in five priority sectors: healthcare and medical services; technology and digital services; hospitality and tourism; aviation services; and industrial and manufacturing companies. The investment thesis is centered on backing GCC growth champions — established companies with strong regional market positions that can be accelerated through operational improvements, geographic expansion across Gulf markets, and selective bolt-on acquisitions. The fund targets businesses that benefit from the structural transformation of GCC economies under Vision 2030 programs and the diversification of hydrocarbon-dependent economies. The $2 billion first close was achieved without a traditional LP roadshow, relying instead on Ben-Gacem's longstanding institutional relationships and the credibility built through 30 years of Gulf-focused private equity at Investcorp. The fund is managed by FundRock Investment Management Services (ME) Ltd as the fund administrator and regulatory vehicle. With the fund now closed and deploying capital, BlueFive Capital has positioned itself as a significant new GCC-focused private equity platform with ambitions of growing total assets to $25 billion over the medium term through additional fund vehicles across private equity, private credit, and real assets.

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.