ESR Cayman holds first close for new Japan fund

The Hong-Kong investment firm has confirmed a first close for its newly launched core logistics vehicle.

Fund: ESR Japan Income Fund
Amount raised: $750 million
Stage of fundraising: Launched

According to a press release, ESR has held a first close at $750 million for its newly launched ESR Japan Income Fund. It has attracted commitments from a number of institutions, which include the French asset manager AXA IM Alts and the Singapore-based sovereign wealth fund GIC. JIF has received a sponsor and cornerstone commitment from GIC, with the other commitments coming from existing investor relationships as well as a new investment partner.

It continues the strong partnership between ESR and GIC, with the sovereign wealth fund previously having made an anchor investment of A$450 million ($337 million; €290 million) to ESR’s open-ended Australia Logistics Partnership vehicle, which launched in March 2020 with a target of A$1 billion.

ESR Japan Income Fund is set to acquire an initial portfolio weighted at $2.1 billion, with a target of $10 billion by 2026.