Phoenix raises $1.15bn

The Hong Kong-based firm closed its sixth diversified fund above its target.

Phoenix Property Investors held a final closing of Phoenix Asia Real Estate Investments VI at $1.15 billion, exceeding its $900 million target. The opportunity fund surpasses capital raised by its predecessor, Phoenix Asia Real Estate Investments V, which closed in December 2013 at $750 million.

Fund VI received commitments from several pensions, sovereign wealth funds, endowments and foundations, including a $50 million commitment from the University of Michigan announced in September 2019. Capital raised by the vehicle will be used to invest in retail, office and residential properties throughout the Asia-Pacific region.

Monument Group acted as a placement agent for Fund VI.