KKR & Co. is looking to raise $1.5 billion for its first Asia-focused real estate fund, Reuters reported, citing people familiar with the matter.

The private equity firm is committing approximately $250 million to the fund and is looking to hold a first close of the fund during the second quarter, the sources said.

Investors in the fund could include sovereign funds and pension funds, the news outlet noted. KKR did not comment, according to the March 21 report.