PAG is set to surpass the US$2 billion fundraising target for its latest Asia-focused core-plus/value-add commingled real estate fund at final close, PERE News reported.

The Hong Kong-based investment manager aims to hit the US$2.25 billion hard cap for the PAG Real Estate Partners II fund in July or August, the news outlet added.

The vehicle, which reportedly is on track to become PAG's largest pan-Asia commingled fund across different strategies, has so far invested approximately US$650 million, PERE reported, citing an unnamed source.

PAG Real Estate Partners II will mainly focus on office assets across Asia, while also targeting multifamily properties in Japan, the unnamed sources told the news outlet. The fund is also working on at least two office transactions in Auckland's central business district.

PAG declined to comment on the matter, according to PERE.