Warburg Pincus has raised US$2.8bn (€2.5bn) for its Warburg Pincus Asia Real Estate Fund.

The fund was launched in November 2020, initially targeting a fund size of US$1.5bn. It was upsized twice, from US$2.5bn at hard cap and again to U$2.8bn at final close.

The capital came from existing investors in Warburg Pincus funds as well as new investors, including public and private pension funds, sovereign wealth funds and insurance companies, with more than 60% sourced from institutions in Asia.

Jeffrey Perlman, managing director and head of Asia-Pacific Real Estate and Southeast Asia at Warburg Pincus, said: “We are currently witnessing a once-in-a-generation change in real estate, driven by technology, where leading global investors are seeking to rebalance their portfolios by investing more capital into new economy real estate, where they have been meaningfully underweight.”

Ellen Ng, managing director and head of China real estate at Warburg Pincus, said: “Our understanding of where technology and healthcare are headed, impacting the use of real estate, has anchored our investments to date.

“This will continue to help us identify new angles to increase exposure in new economy asset classes.”

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