Schroders has completed the second closing for its Continental European Fund II multi-manager fund.

The fund, which invests in other European property funds across all sectors, has now raised €124m (£94m).

CEF II has a twelve year lifespan, and currently holds three investments. It is aiming to provide returns of 8-10% over its 12-year lifespan.

Overseas interest

It is aiming to raise €200m (£151m) and hold between 10 and 15 funds.

Michael Clarke, Head of Distribution at Schroder Property Investment Management said: ‘Following strong demand from investors and their advisers, we were particularly pleased that the fund appealed not only to UK institutions but also to continental European pension funds.

The UK remains an important market for us, but to date half of the equity raised has been committed by Dutch, Swiss and Finnish pension schemes.’