BlackRock Real Estate has completed a first close for its Asia Property Fund V with $500 million in capital commitments, according to news sources.
The firm was unable to comment on its fundraising activity.
BlackRock began marketing the fund in September 2019 and had already secured between $300 million and $350 million in commitments. The fund was expected to reach a $500 million first close.
The previous fund in the series, Asia Property Fund IV, had raised $500 million as of November 2017, half of its initial target of $1 billion. As of 2019, the opportunistic fund was fully invested.
