Aberdeen Property Investors is aiming to raise $600 million for its third Asia real estate fund of funds.
The firm’s multi-manager division, led by managing director Jon Lekander, expects to be able to match the capital raising efforts of its first Asia fund of funds, which closed on $600 million in September 2007.
While its follow-on effort managed to raise just half of the $400 million it originally targeted, albeit during last year’s dire fundraising environment, Lekander told PERE an increased number of capital sources keen to invest via the fund of funds route have given the firm more optimism of garnering more equity this time around.
The fund of funds will run for 10 years with options to extend its life. Like its predecessor, it will target a return of between 13 percent and 17 percent through investment in a series of funds, the majority of which will focus on Asia’s emerging markets.
More on Aberdeen’s plans for a third fund of funds can be found in this month’s issue of PERE.