Gaw reaches $700m first close on Asia real estate fund

The first close represents more than half of the $1.3 billion target size for the fund, which launched in late 2015. AVCJ understands the final close is expected by September.

Gaw launched the vehicle after its previous fund, Gaw Capital Real Estate Fund IV, was fully deployed last year. That fund closed in 2013, at the hard cap of $1.025 billion. At the time it was the largest vehicle the firm had ever raised. The GP is also targeting $250 million for an Asia-Pacific hospitality-focused fund that will invest alongside the real estate vehicle.

Like its predecessor, Fund V is targeting investments in China, with the rest intended for other markets in the region. Several of Gaw's largest deals have been made there, including the $928 million acquisition of Pacific Century Place, a residential and commercial complex in Beijing. The firm often seeks co-investment from its LPs; this strategy resulted in about $1.9 billion being deployed in the last fund.

As of 2015, Gaw claimed to have $12 billion in assets under management, and to have raised $6 billion in equity. The firm opened a US office in 2013, and manages a separate fund targeted at investments in that country.

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• Topics
• Greater China
• Real estate
• Real estate
• Fundraising
• Gaw Capital Partners