AEW holds $640m final close of Asian fund
AEW Capital Management has held a final close of $640.2 million for its AEW Value Investors Asia II fund, according to a statement. The value-added fund focuses on assets in key gateway cities in the Asia Pacific region, primarily Hong Kong, Singapore, Seoul, Shanghai and Sydney. The capital raised for the fund comes from public and corporate pension funds and insurance companies in the United States and Europe. The California State Teachers’ Retirement System invested $100 million in the fund in March 2015. To date, the fund has completed six investments in Hong Kong, Singapore and Shanghai, representing $253 million of equity and more than 937,000 square feet of office and retail space.