Private equity behemoth KKR is raising money for a new fund to make long-term commercial real estate bets in Europe, according to Bloomberg.

The new fund will have an open ended life span and will concentrate on so-called core plus bets, which carry medium risk as the bets lie between high risk opportunistic investment and highly stable real estate investments favored by regulated investors like pension funds.

KKR has been highly active in European real estate following the appointment last year of Ian Wiliamson, who left BlackRock to join KKR. Williamson has already done two deals for the new fund using KKR’s Mirastar platform, which focuses on warehouses.

The new KKR fund is currently looking at student housing and also looking at select office opportunities.