Avatar Capital Partners (ACP), an Asia-based alternative asset management platform, has announced the first close of Fund II, securing $156 million in commitments, along with a new strategic partnership with GCM Grosvenor and the Teacher Retirement System of Texas (TRS). As part of the partnership, GCM Grosvenor’s real estate practice, a leading middle-market platform builder and GP stakes investor, and TRS will serve as anchor investors in Fund II and strategic partners supporting ACP’s institutional expansion. These milestones underscore strong institutional support for ACP’s Japan living sector strategy and mark a significant step in the firm’s evolution as an institutional investment platform.
ACP is led by founding partners Angel Li, Ryuta Ueda and Ronald Chiu, who have worked together since 2010. The firm closed Fund I in July 2025 with $105 million and manages capital for a diversified group of institutional investors and family offices. To date, ACP has built
