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CBRE closes Asian fund with $236m

by Andrea Waitrovich, released 8/8/14

CBRE Global Multi Manager has held a final close for its Asia Alpha Plus III Fund, raising $236 million. AAPIII is the third in a series of closed-end funds targeting private equity real estate in the Asia Pacific region. AAPIII seeks to achieve an IRR of 15 percent per year net of all fees and expenses by investing in club deals, co-investments and joint ventures, using CBRE’s local presence and market intelligence in the Asia Pacific region. The two predecessor funds generated net IRRs of 13.4 percent and 21.1 percent per year since inception, respectively. The AAPIII close contributed to a successful first half of 2014 for CBRE Global Multi Manager, which has also raised since the start of the year $844 million for separate accounts and $118 million for the CBRE Global Alpha Fund, its flagship global open-end fund.

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