PAG, a leading alternative investment firm focused on the Asia Pacific region, announced the successful closure of its 10th opportunistic real estate fund, securing a total of $4 billion, including co-investment capital. The fund surpassed its initial target of $3.5 billion, making it the largest US dollar-denominated real estate fundraising in the past 12 months, according to data from Preqin, a UK-based financial data provider.
The fund is designed to target investments across developed markets in Asia, with a primary focus on Japan, where it maintains its largest investment presence. In addition to Japan, the fund aims to deploy capital in South Korea, Australia, and New Zealand.
“We see substantial growth potential within the Asia Pacific real estate sector,” said Jon-Paul Toppino, president and co-founder of PAG. “Our long-established local presence and expertise in key markets enable us to navigate the complex dynamics and seize opportunities in this region.”
The fund will pursue investments across multiple asset classes, including data centers, logistics, office buildings, multifamily housing, and distressed debt. It also plans to participate in real estate developments, offer high-yield bridge financing, and invest in platform equity—equity investments in companies that serve as platforms to acquire additional assets within the real estate sector.
PAG’s real estate division, PAG Real Assets, was founded in 1997 and has since invested more than $45 billion across Asia Pacific. The firm has acquired and managed over 7,400 properties, reinforcing its position as a major player in the regional real estate investment landscape.
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