Aberdeen raises US$151m for latest Asian property fund
Aberdeen has closed on US$151m for its latest Asia Pacific property investment fund, the fourth Asia Pacific multi-manager fund it has launched since 2006.
Announcing the initial closing of the new fund via a statement earlier today, Aberdeen said that the fund will be run by its team in Singapore under Kang Puay-Ju, who is head of property multi-manager at the global asset management company.
The anchor investor for the closed-ended investment fund is Keva, Finland’s largest pension provider, which administers pensions on behalf of public sector workers and government organisations. Aberdeen, said that it has a longstanding relationship with Keva, which has invested in previously launched funds.
This latest fund will focus on building a portfolio of best-in-class unlisted funds, joint ventures, clubs and co-investments across Asia Pacific including Japan. It is different from another series of property multi-manager funds that the team manages as it invests more conservatively in core to core-plus strategies, both globally and regionally, Aberdeen said.
Elsewhere in its Asian property division, Aberdeen’s Asia Pacific focused fund in this series added US$30m in a second close in December bringing the total fund size to US$100m. Aberdeen’s property multi-manager unit has now raised around US$215m globally in the past three months.
A part of that total comes from the company’s secondaries platform, which started in 2013. Aberdeen said that it is investing in secondaries globally, especially in Europe which has seen significant growth as a new wave of regulation reduces the appeal of unlisted property funds to insurance companies and banks, and forces pension funds to consolidate thus leading to rationalisation of portfolios.
Aberdeen is one of the largest property multi-managers globally with four offices in Singapore, London, Stockholm and Philadelphia.