Alpha Investment Partners has raised $1.1bn (€956.6m) for its third Asia value-add fund, exceeding its initial target by 10%.

The manager said Alpha Asia Macro Trends Fund (AAMTF) III, which set out to raise $1bn, will have $2.4bn of managed assets when fully leveraged and invested. The predesessor AAMTF II fund raised $1.65bn at final close in 2013.

Launched in 2016, the AAMTF III fund attracted a diverse group of existing and new institutional investors including pension funds, endowments and insurance companies, the manager said.

Alvin Mah, the CEO of Alpha, said: “Alpha is well-positioned to seize investment opportunities to create value and drive returns for AAMTF III’s investors.”

The Alpha Asia Macro Trends series, launched in 2007, focuses on mega trends driving long-term growth in the Asia-Pacific, which include urbanisation, growing consumerism and intra-regional tourism.

The target asset classes comprise retail and accommodation assets as well as offices, business parks and logistic facilities.

To date, AAMTF III has made investments in Shanghai, Tokyo and Brisbane.

However, the fund actively manages its assets to create value for investors. As such, in December, AAMTF III divested its first asset - The Kanda 282 in Tokyo, Japan.

Alpha Investment Partners is the private fund management arm of Keppel Capital.