Cain’s EREO I closes with EUR70m investment from Goldman Sachs’ Vintage Funds
Cain International (Cain), a privately held investment firm led by Jonathan Goldstein, has announced the close of its European Real Estate Opportunity Fund I (EREO I), following investments from Goldman Sachs’ Vintage Funds and US-based Security Benefit Life Insurance Company, as well as Cain’s founding partners and members of its senior management team.
The firm’s inaugural European real estate fund secured EUR324 million in capital from its investors, 70 per cent of which has been deployed across several European gateway cities, including Dublin, Paris and Madrid.
Driven by Richard Pilkington and Daniel Harris, who lead the firm’s European Real Estate division, EREO I’s remaining capital will be used to target opportunities in the residential sector in markets where Cain has an established investment track record, leveraging the firm’s combined experience across the asset class as well as continuing its overarching strategy of partnering with strong local operators.
Pilkington says: “While the last year has undoubtedly had its challenges for both investors and emerging managers, we are fortunate to have partnered with an exceptional and forward-thinking investor base over the past 24 months, building a robust portfolio that spans some of Europe’s most desirable and promising markets. We are thrilled to be able to complement our existing partner and investor base with a globally recognised institution like Goldman Sachs. Achieving this milestone is a testament to the team's diligence and is a cornerstone for our business's future growth.”
Igor Ostrowski says on behalf of Goldman Sachs’ Vintage Funds: “We are impressed by the Cain team’s ability to identify and execute on compelling investment opportunities, regardless of the past year’s turbulent backdrop. We are excited to invest in a fund with an attractive seed portfolio and remain confident in the future of high quality assets in European gateway and challenger cities. We look forward to further developing our partnership with the firm in the months and years ahead.”