SC Capital Partners' fifth pan-Asia opportunistic real estate fund drew US$383 million in its first funding close held in the week ending Dec. 15, PERE News reported, citing a source familiar with the matter.
The Real Estate Asia Capital Partners V, or RECAP V, fund attracted capital from six investors, including two U.K. backers, a U.S. endowment fund and a German insurer. The Singapore-based real estate investment manager launched the fund around July, with a fundraising target of US$1 billion.
The fund focuses on value-added investments in target cities across Asia, similar to the previous RECAP vehicles. None of RECAP V's capital has been deployed yet, according to the report.
