Gaw Capital Partners has closed its third US value-added real estate fund after raising a total of US$412m (€343m).
Earlier this year, IPE Real Assets reported that Ohio Bureau of Workers Compensation Board is investing $50m in Gaw Capital US Fund III which is nearing its final close.
Fund III attracted commitments from investors who had supported Gaw Capital in previous funds, as well as from new investors. US Fund II raised US$315m in 2015 and was fully invested as at June last year.
The Hong Kong-based private equity firm said the makeup of the limited partners’ base is around 45% from the US and 55% from other regions of the world.
The equity raised will be invested primarily in US west coast real estate, with an emphasis on creative office and hospitality assets and platform investments with attractive risk-adjusted returns.
Goodwin Gaw, chairman and managing principal of Gaw Capital Partners, said: “The US west coast continues to be a hive of youthful entrepreneurial spirit and innovation, creating an abundance of long-term redevelopment and repositioning opportunities in the local real estate market.”
The manager’s strategy is to identify niche trends within emerging real estate segments and to revitalise under-utilised properties to deliver profitable returns for investors.