Aberdeen Asset Management, the London-based real estate asset management firm, has held an initial first close on its fourth Asia-Pacific multi-manager vehicle after raising $151 million.
The latest closed-end fund, led by head of property multi-manager Puay-Ju Kang, will focus on investments in unlisted funds, joint ventures, clubs deals and co-investments across Asia-Pacific including Japan.
It is the fourth multi-manager fund the firm has launched in the region since its inaugural vehicle in 2006.
Aberdeen said the cornerstone investor for its latest fund is Keva, Finland’s largest pension fund, which manages pensions on behalf of public sector workers and government organizations. The firm said it had a long-standing relationship with Keva, which had invested in a number of its previous funds.
The asset management firm also said it was targeting an IRR of at least 12 percent over the vehicle’s 12-year life, distinguishing it from the firm’s other existing multi-manager funds that pursue core and core-plus strategies.
Aberdeen said it had raised an additional $30 million in a second close for one of these funds, without name the vehicle, bringing its committed capital to $100 million. Over the past three months, Aberdeen added, it has raised $215 million in total, some of which was for its secondaries platform, which buys and sells fund stakes on the secondary real estate market.
“We think this is a favorable time to be investing in property as pricing remains attractive relative to bonds,” said Kang. “There are also more ways that investors can invest in this asset class, with the deepening of the secondaries markets and the institutionalization of sectors once perceived as ‘alternative’, such as student housing, senior housing and self-storage. These developments have broadened the opportunity set which we are looking to capitalize on for our new products and mandates,” she added.