Asia investment manager PAG has raised $2.75bn (€2.5bn) for its latest opportunistic fund.

The manager said the capital raised by the SCREP VII fund – via its real estate arm – at final close was received from new and existing limited partners including pensions and sovereign wealth funds from North America, Europe, the Middle East and Asia.

The predecessor fund raised $1.9bn in September 2017.

PAG said SCREP VII held a $2.5bn first close at the end of December last year. 

The fund will focus on distressed debt and property investments in Japan as well as opportunistic real estate in China, Australia, Korea and other selected markets, the manager said.

Jon-Paul Toppino, managing partner of PAG Real Estate and group president of PAG, said: “We’re very grateful to our partners for this continued show of support, especially during such an unprecedented period.

“Like all investment firms we are watching the current coronavirus outbreak with concern, and our greatest priority is the health and safety of our staff and everyone we work with. Still, we remain confident that Asia and Japan, in particular, represent attractive long-term opportunities, and we hope to continue to justify the faith our investors have placed in us.”

SCREP VII is the ninth opportunistic fund to be launched by PAG Real Estate, formerly known as Secured Capital Japan.