Aberdeen Asset Management has closed Aberdeen Asia III Property Fund of Funds (Asia III), its third property fund of funds targeting Asia Pacific.
Asia III will invest across the risk spectrum, from core to opportunistic strategies, and is targeting returns of at least 13 per cent per annum.
This is the latest in a suite of funds of funds raised by Aberdeen to invest in Asia Pacific real estate markets on behalf of its institutional client base. The prior funds of funds, AIPP Asia and AIPP Asia Select, were raised in 2006 and 2007 respectively, and are fully deployed.
Asia III raised USD512m including co-investment capital. In line with its two predecessors, Asia III is targeting investments across Asia Pacific through pooled funds, club deals, joint ventures, co-investments and secondaries. To date Asia III has completed two transactions, with a number of pipeline investments expected to close during the first half of 2014.
Jon Lekander, global head of property multi-manager, says: “We are extremely appreciative of our investors, comprising both existing and new clients, for showing their continued trust in Aberdeen. We believe the current market environment provides opportunities to capitalise on investments in both developed and emerging markets in Asia Pacific. As with previous mandates, we believe that a significant proportion of opportunities will be sourced off-market.”