LaSalle Investment Management closed its oversubscribed fifth Asia-focused fund at $1.15 billion, the firm announced via press release.
LaSalle Asia Opportunity V (LAO V) surpassed its initial target size of $750 million after almost two years on the road, having launched in August 2016. LaSalle received commitments from 20 institutional investors, including $100 million from the California State Teachers’ Retirement System (CalSTRS); $60 million from the Los Angeles Water & Power Employees Retirement Plan; and $30 million from the
Arkansas Teacher Retirement System (ATRS).
According to the press release, the fund will deploy 85 percent of its capital commitments towards investments in mispriced real estate assets across Asia, with the remainder reserved for co-investment opportunities. So far, LaSalle has allocated 37 percent of the committed capital, according to Marc Montanus, the fund manager for the series.
The firm’s latest pan-Asian vehicle is almost double the size of its predecessor, LAO IV, which closed in June 2014 on $585 million. Since inception, LAO IV has generated an internal rate of return of 39 percent and a 1.61x multiple.