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Perella Weinberg closes in on debut fund

The investment bank is gearing to close its first pan-European property fund, looking to raise 1bn.

Investment bank Perella Weinberg Partners is, according to city sources, close to holding a first close on its maiden pan-European real estate vehicle in a fund aiming to raise $1 billion ($1.4 billion).

Leon Bressler, formerly the chairman and chief executive of French property investment firm Unibail, is overseeing the effort. The New York-based firm was founded in June 2006 by Morgan Stanley M&A veteran Joseph Perella. It plans to manage a series of vehicles focused on alternative investments funded by $1 billion from its 11 founding investors, including Fisher Brothers, as well as outside capital.

Perella Weinberg said last year it would commit some of its own capital to the new real estate fund. During Bressler's tenure at Unibail, which began in 1992, the firms portfolio grew to more than 9.4 billion, making it one of the largest property investment concerns in continental Europe according to market capitalization.