US investment bank Lazard has appointed its first real estate specialist in Asia in an effort to ramp up its private capital advisory activity in the region, per a PERE report.
The firm has got onboard Joyce Lo as a director of Asia Pacific real estate business. Lo also updated her LinkedIn profile that she joined Lazard in November.
Prior to taking up the new position, she was with Hong Kong-based real estate private equity managers LimeTree Capital Parnters and Palmer Capital Asia. She also served an 11-year stint at investment bank Lehman Brothers.
Lo is now based in Lazard’s Asia office in Singapore, responsible for building relationships with Asian investors and promoting the bank’s fundraising mandates throughout the US and Europe, the PERE report said.
Lazard was said to currently have one real estate mandate in Asia, and hope to advise more Asia-domiciled managers.
James Jacobs, managing director and global head of real estate at Lazard’s private capital advisory team, reportedly revealed that within the last couple of years, it helped raised around $1.3 billion for European and US mandates from Asia-domiciled investors, out of the total $22 billion it has raised since 2007.
Lazard’s private capital advisory team in Asia is led by Nick Miles, head of the firm’s Europe and Asia private equity.
The team has been working with both equity- and debt-focused managers across a range of investment vehicles, including closed- and open-end funds, private REITs and programmatic joint ventures. They also advise on complex assignments involving real estate and real assets fund restructurings, Lazard said on its website.
Apart from financial advisory, the American investment bank also operates its asset management business, in which the Asia Pacific equity portfolio accounted for an $8.1 billion AUM as of 30 September 2019.