GLP has raised JPY412bn (€3.1bn) in the final close of its flagship Japan logistics development strategy.
The capital raising for GLP Japan Development Partners IV (GLP JDP IV) was oversubscribed twice over. Its initial hard cap was JPY412bn, exceeding its then-target of JPY300bn.
When fully invested, the latest fund’s portfolio of assets under management is expected to reach more than JPY1trn.
In its latest round of fundraising, it attracted a further JPY101bn from nine international and domestic investors. As previously reported, Canada Pension Plan Investment Board made a JPY110bn commitment to GLP JDP IV.
The amount raised for GLP JDP IV is about 65% bigger than its immediate predecessor fund, the 2018-vintage GLP JDP III.
Ralf Wessel, managing director, fund management, GLP, said: “The successful GLP JDP IV fundraise on such a short time scale is another strong vote of confidence from our investors.”
Wessel spoke of a “significant interest uptick” among domestic institutions that had participated in GLP’s development fund series for the first time. Japanese investors had previously invested in GLP’s core, open-ended Japan income fund, he said.
Wessel told IPE Real Assets that since October when the fund was established the team had already identified investments for about 20% of the commitment.
He expects the capital to be fully deployed over four years.
With the establishment of GLP JDP IV, GLP manages over US$30bn (€26bn) assets via logistics strategies in Japan across five private funds and a listed J-REIT.
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