ROME-Banca Nazionale del Lavoro has successfully raised €173 million ($154 million) for its second closed-end real estate fund, Portfolio Immobiliare Crescita. This was €20 million ($22 million) more than expected.

BNL’s first fund, Portfolio Immobiliare, closed in May 2000. Both funds are managed by AEW Italia, a subsidiary of Curzon Global Partners, Curzon Global Partners Chief Executive Ric Lewis said: ‘While closed-end real estate funds have been popular for a few years, this fund is novel in that it appeals to investors that are willing to accept a slightly higher degree of risk in exchange for higher return performance.’

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