Frogmore has raised another £40m for its latest UK-only, value-add fund, Frogmore Real Estate Partners IV.
The private equity firm raised £80m from two North American investors in a first closing earlier this month. The latest fundraising therefore takes the total raised to £120m.
Frogmore has a fundraise target of about £400m for the new fund. It is expected to follow a similar strategy to that of previous vehicles, which invested in properties in need of asset management in a range of sectors.
Frogmore raised nearly £400m for its third fund in 2015. The fund acquired a broad range of assets including the mixed-use Notting Hill Gate scheme, which Frogmore bought for £215m in 2015, and Stratford Shopping Centre in east London, which it bought in 2017 in its 300th deal.
The fund has already made some notable disposals, including Weston House in Midtown, which it sold to Sidra Capital for £94m last year. Frogmore bought the building for £60m in 2015 and refurbished it.
Frogmore declined to comment on the fundraising.