Capital watch: The case of fewer but bigger APAC funds

How the beast led the east last year.

Fundraising for Asia-Pacific-focused closed-end real estate funds returned to 2014 levels in total equity terms – even as numbers of funds with final closings has dramatically dropped away since then. The reason? Blackstone. The completion of fundraising for the sector giant’s Blackstone Real Estate Partners Asia II has skewed the data; strip the vehicle out and the total was comparable with the region’s fundraising malaise in the post-GFC years between 2009-12.