Paine Lake launches new Asian hospitality vehicle

LA-based private equity, entertainment and hospitality production house is seeking capital from institutional investors for its first Asian fund.

  • Fund name: Paine Lake Asia Fund
  • Target size: $500 million
  • Stage of fundraising: Launched
  • Launch Date: October 2022
  • Target IRR: 11%

Paine Lake has launched its Paine Lake Asia Fund, a value-add real estate vehicle that is targeting $500 million to acquire hospitality assets in Japan, Thailand and the Philippines.

The Paine Lake Asia Fund will acquire hotels, serviced apartments and other furnished lodging in Asia. It hopes to achieve an average 11% IRR per annum, to be achieved over five years.

Fundraising will be led by Brian Keegan, a former managing director of both JPMorgan and Bank of America Merrill Lynch.