The real assets arm of Asia-Pacific-based alternative investment manager PAG has raised $1.8bn for its third real estate fund.
PAG Real Assets (PAG RA) said the fundraising for PAG Real Estate Partners Fund III (PREP III) was backed by 18 institutional investors from North America, Europe, the Middle East and Asia-Pacific, including major sovereign wealth funds, pension funds and endowments.
The manager said PREP III aims to “generate attractive risk-adjusted returns by focusing on key gateway cities” across Asia-Pacific where PAG RA has a demonstrated track record, including Auckland, Hong Kong, Seoul, Singapore, Sydney and Tokyo.
PREP III will primarily target the office sector, as well as select multifamily assets in Japan, PAG RA added.
IPE Real Assets understands that PREP III has already made some transactions including an office property deal in Sydney.
Broderick Storie, partner at PAG and co-head of PAG Real Assets, said: “While each of our key Asia-Pacific markets is different, current conditions in the region are creating a strong pipeline of opportunities for our local teams.
“We see this fundraising as a validation of our successful approach to investing in real assets in the region, particularly in the office sector which is our focus.”
Jon Peterson contributed to this story
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