Opportunity Fund II expects to reach its A$500m fundraising target within a year. : Australian real estate manager Qualitas has raised around A$100m (€61m) in the first close of its A$500m Opportunity Fund II. The Melbourne-based manager’s second opportunity fund was launched last month to capitalise on market dislocations, particularly in Australia’s residential sector. Qualitas expects to reach its target raise within a year in an accelerated programme tapping into strong demand for opportunistic investment. Many of its existing institutional investors, including those from Europe, have reinvested in the Opportunity Fund II, which will open to new investors in subsequent closes.