Doran to raise $600m fund this year

Having nearly deployed all of its $210 million first fund, the South Korea property investor is planning a second fund for the country.

Doran Capital Partners, a South Korea-focused firm founded in 2002 by Pietro Doran, is planning to raise a $600 million fund to follow its initial $210 million vehicle, according to Doran.

Speaking to news agency Reuters, Doran said the firm’s first vehicle, Triseas I, is nearly all invested. The new fund would be called Triseas II. It would be a seven year fund and would have its first closing in June, Doran said. Investors in the vehicle would likely come from Europe, the US and Australia. It would target 15 percent returns, Doran said.

The new fund would undertake the same strategy as the first fund, refurbishing exiting assets. Doran said the fund would likely have a major focus on retail.

Doran Capital Partners currently manages $1 billion in property assets in Korea and Japan. Pietro Doran was formerly the head of MOrgan Stanley's  Korean property program. In addition to its headquarters in Seoul, Doran has offices in London, Tokyo, Washington DC, Hong Kong, Guangzhou, Bangkok and Melbourne. The firm has also launched a pan-Asian real estate fund.