PAG announces $1.3b close for Asian real estate fund

Hong Kong–based PAG has held a $1.3 billion final close for its PAG Real Estate Partners, exceeding its $1 billion equity fundraising target.

PAG Real Estate Partners aims to generate attractive income-driven returns from core-plus assets located in nine gateway cities in Asia, focusing on markets and sectors where PAG has demonstrated its investment and asset management capabilities — namely Japan, China, Australia, South Korea and Hong Kong. The fund is nearly 50 percent invested already.

The final close follows seven other mega-fund closings this year, according to IREI’s FundTracker database. The total amount raised by mega-funds (those raising $1 billion or more) was approximately $25.59 billion.

The largest final close was held by Brookfield Asset Management’s Brookfield Strategic Real Estate Partners II, which