There were fewer Asia-Pacific real estate debt funds, attracting less capital, in 2023 than the preceding years, with 2022 having set a particularly high bar. Of the 10 largest funds to have closed over the past decade, the three largest all closed in 2022, and only one closed last year, according to the latest figures from PERE.
The year 2022 appears to have been an outlier in many ways. While capital raising was strong in Asia-Pacific, its strength relative to other regions was also unusual, accounting for a fifth of global fundraising by debt funds. For 2023, the 5 percent share of global fundraising is keeping far more with long-term trends.
Of those 10 largest funds to have closed, nine have a diversified strategy, with only one – SBICAP Ventures’ $1.98 billion Special Window for Affordable and Mid-Income Housing Investment Fund I – focusing on multifamily and other residential. A look ahead to the funds in market, however, shows only 14 percent of capital targeted by APAC-focused real estate debt vehicles is for a diversified strategy, with 77 percent for multifamily and residential. A further 9 percent is targeting office.
How many of those funds will close in 2024, and whether they raise more capital than the funds that closed last year, remains to be seen, but it would take something very special to repeat 2022 any time soon.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
