PGIM Real Estate has raised US$970 million for its fourth Asia Pacific value-add fund.
The company said it is in advanced discussions for additional commitments that would take the capital raise to over US$1 billion.
”The capital raise far exceeds its original target as investors see a significant opportunity in the region’s recovery from the COVID-19 pandemic,” said PGIM in a statement.
“The successful fund raise demonstrates continued confidence in our platform’s ability to deliver attractive risk adjusted returns and the belief that the Asia Pacific region is poised to lead the global recovery from the COVID-19 crisis,” said Benett Theseira, head of Asia Pacific for PGIM Real Estate.
AVP IV will invest in distinct and executable value-add and selective opportunistic strategies across Asia Pacific real estate, including office, logistics, residential and retail, in both mature and emerging markets.
Since the first fund in the series launched in 2003, PGIM Real Estate’s Asia Pacific value-add funds have carried out over 60 transactions across all of the major sectors and nine markets in Asia Pacific, representing acquisitions and developments worth more than US$7 billion. The series has raised nearly US$3.7 billion in capital across its four funds.
PGIM Real Estate has been investing in core, core-plus and value-add strategies across the Asia Pacific region since 1984.