Alpha Investment Partners Ltd. held the final closing of its Alpha Asia Macro Trends Fund III, with the property fund beating its initial fundraising target of US$1.0 billion.
The Keppel Corp. Ltd. unit said the value-add pan-Asian fund raised approximately US$1.1 billion at close, including co-investments.
The fund, which will focus on retail and accommodation assets as well as offices, business parks and logistic facilities in key gateway cities in the Asia-Pacific region, attracted capital commitments from existing and new investors, including pension funds, endowments and insurance companies.
In December 2018, the fund sold The Kanda 282 in Tokyo, marking its first sale. The fund has so far made investments in Shanghai; Tokyo; and Brisbane, Australia.
When fully leveraged and invested, the fund will have approximately US$2.4 billion of assets under management, according to a release.