Heitman’s value-add Asia-Pacific property fund has exceeded its $250m (€214m) fundraising target by 35% at final close.

The real estate investment manager said Heitman Asia-Pacific Property Investors (HAPI) has received commitments totalling $338m.

As previously reported, US state pension funds Los Angeles City Employees Retirement System and Los Angeles Fire and Police Pensions have made commitments.

Maury R. Tognarelli, the CEO of Heitman, said: “The closing of HAPI represents another significant milestone for the firm and we are grateful for the support of our clients and their contributions to the growth of our operations across the globe.

“Our Asia-Pacific private equity team is well positioned to capitalise on the economic and investment market conditions and trends occurring in Asia-Pacific’s developed economies and property markets.”

The closed-end fund will seek assets where there are opportunities to create or enhance value through asset repositioning, expansion, or redevelopment.

Heitman said the fund has made initial commitments to investments in Tokyo, Melbourne, and Hong Kong and will focus the remainder of the capital on the most developed and liquid markets in the region including Tokyo, Osaka, Sydney, Melbourne, Brisbane, Hong Kong, Singapore, and Seoul.

HAPI plans to invest across traditional property types including retail, logistics, residential, and office. It will also target the speciality sector including self-storage, student accommodation, and medical office.