BGO has raised over $5.1bn (€4.5bn) for its Asia-focused value-add real estate strategy, representing the firm’s largest closed-ended fundraise to date.
The fund manager said the capital raised for the BentallGreenOak Asia IV (BGO Asia Fund IV) fund and co-investment sidecars was secured from 45 institutional limited partners.
BGO Asia Fund IV’s investor base included 44% from the US, 24% from Asia and 23% from the Middle East, as well as contributions from Canada and Europe, BGO added.
As previously reported, the New York State Common Retirement Fund made a $300m commitment to BGO Asia Fund IV
Also, State of Michigan Retirement System and Texas Permanent School Fund each placed $100m into the fund which targets opportunities in office, hospitality and logistics assets across Japan, South Korea, Australia and Singapore.
According to BGO, Japan forms a core part of its investment strategy. Fred Schmidt, managing partner and chairman of Asia, BGO, said: “Japan is undergoing a profound transformation and we see strong, sustained tailwinds across the region.
“Tokyo is one of the world’s largest and most dynamic commercial real estate markets, and with growing pressure on Japanese corporations to optimise their corporate value, our deep roots and integrated presence positions us well to access opportunities others might miss. This fund has over ¥3trn [€18.4bn] buying power.”
Marcus Merner, managing partner and head of Asia at BGO, said: “We are honoured by the trust of our long-standing partners and pleased to welcome new investors who share our vision for capturing value across Asia’s most compelling urban markets. Our team, our consistent track record in Asia, our local expertise are important differentiators.”
To read the latest IPE Real Assets magazine click here.
