CBRE Global Multi Manager, the multi-manager arm of global real estate investment management firm CBRE Global Investors, has held a final closing for its third Asian fund.
PERE can reveal that CBRE has raised $236 million for the vehicle, Asia Alpha Plus III fund, the third in its series of closed-ended pan-Asia multi-manager funds.
Through the fund, CBRE is aiming to generate an IRR of approximately 15 percent, in keeping with the target return of its second fund, from investments made primarily in joint ventures and co-investments.
Further commenting on the firm’s strategy for the fund, Adrian Baker, a managing director for the platform in Asia, said: “We continue to see opportunities in the Asia Pacific region and AAPIII will focus on investments which have a high proportion of pre-specified assets and those with high a proportion of the return coming from income.”
Funds I and II have returned 13.4 percent and 21.1 percent IRRs respectively and that level of performance has led to all but $10 million of the equity committed to Fund III coming from re-upping investors.
The closing means that CBRE has now raised some $1.1 billion from investors since the start of the year for its funds and separate accounts.