CBRE Global Investors’ multi-manager business has raised $236m (€176m) for its third Asian real estate fund, which will target club deals, co-investments and joint ventures in the region.

CBRE Global Multi Manager has in recent years shifted away from the traditional fund-of-funds model to more direct investments. Asia Alpha Plus III Fund will continue the approach.

Fund manager Adrian Baker said: “The two predecessor funds in the series have very solid performance track records, generating net IRRs of 13.4% and 21.1% per annum since inception respectively.

He added: “We continue to see opportunities in the Asia-Pacific region and AAPIII will focus on investments which have a high proportion of pre-specified assets and those with high a proportion of the return coming from income.”

So far this year, the multi-manager has also raised $844m for separate accounts and $118m for its open-ended CBRE Global Alpha Fund, which pursues a global core strategy.