BlackRock closes fourth Asia property fund at $500m, falls short of $1b target

US-based global investor BlackRock has raised over $500 million for its Asia-focused realty vehicle, Asia Property Fund IV, which it had launched with a fundraising target of over $1 billion.

The fund’s final close at half the target amount took place in September this year, according to a report by PERE on Monday.

The vehicle, an opportunistic real estate fund to invest in property assets in Asia Pacific, is the fourth in a series. The previous fund, BlackRock Asia Property Fund III, had raised $3.89 billion.

Employees Retirement System of the State of Hawaii committed $50 million to the fund, according to the Hawaii fund’s CIO Vijoy Chattergy who was quoted in an earlier report by IREI.

Other investors include Canadian investment manager British Columbia Investment Management Corporation which has earlier invested in BlackRock’s Fund II and III in this series.

BlackRock has been an active real estate investor in Asia. The private equity heavyweight in 2013 had acquired Singapore-based private equity firm, MGPA which started off as the property investment arm of Australia’s Macquarie Group.

At that time, BlackRock Asia-Pacific Chairman Mark McCombe had said that he identified real estate as a key part of the long-term secular growth trend in the Asian markets when he moved to the asset manager in 2011.

The Asian real estate market has assumed greater significance as many alternative asset investors have set aside funds or are mopping up capital to invest in the region. Among firms that have raised Asian realty-focused funds are Morgan Stanley ($650-million vehicle), Savills Investment Management with a billion-dollar fund and Blackstone with a $5-billion Asia real estate-focused fund.

While many private equity players have added a realty investing arm, some larger ones have launched large Asia-focused vehicles to invest in residential and commercial real estate.

Also Read:

Blackstone marks first close of Asia real estate fund at $5b; breaks earlier record

Morgan Stanley, Savills, Blackstone ready Asia-focused realty funds. Total corpus at $6.5b

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.