Ares Management has raised $1.6 billion for its fifth Japan-focused industrial real estate development fund in the first three months of 2026, underscoring continued investor appetite for industrial real estate in the country.
The vehicle, formerly part of the GLP Japan Development Partners franchise prior to the acquisition, is expected to reach the first close in the spring and hit its hard cap later this year, chief executive Michael Arougheti said in an earnings call.
“Our fifth Japan Logistics Development Fund is seeing very strong demand following the excellent performance of prior vintages,” he said in a call with analysts.
The fundraising comes more than four years after the then GLP closed its fourth Japan development fund at 412 billion yen ($3.7 billion). Ares completed its acquisition of GLP’s international business, now known as GCP International, in 2025.
The deal also brought in Ada Infrastructure, which has raised $2.4 billion for a data centre-focused vehicle backed by investors including Canada Pension Plan Investment Board. The Canadian LP contributed $1.3 billion to the vehicle, which already housed some seed assets.
“We are currently fundraising more broadly to address both the seed assets and the significant pipeline behind them,” said co-president Blair Jacobson.
Separately, Ares raised an additional $500 million for its Asia Pacific credit strategy in the first quarter, largely driven by commitments to its seventh special situations fund, SSG Fund VII. The fundraising follows a $400-million close in 2025 and comes just two years after the predecessor vehicle raised $2.4 billion.
Returning investors in the SSG franchise include Virginia Retirement System and New York State Common Retirement Fund, committing $300 million and $200 million respectively, according to separate filings.
DealStreetAsia had previously reported that IFC was considering investing up to $150 million for a separately managed account, which has a mandate similar to Ares’ SSG series. The fund focuses on acquiring non-performing loans and single-asset distress situations in India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.
