Gaw Capital holds $1.3b final close for Asia real estate fund

Gaw Capital Partners has held a $1.3 billion final close for Gaw Capital Real Estate Fund V, reaching its hard cap. The fund officially closed March 31.

Gaw Capital Real Estate Fund V, which launched in early 2016, is a value-added real estate fund that plans to invest in office, hotel, retail and mixed-use properties in Asia Pacific. The fund held a $700 million first close in April 2016.

The fund received commitments from institutional investors, including $100 million each from the $109.7 billion New York State Teachers’ Retirement System and the $19.9 billion San Francisco Employees’ Retirement System, both in May 2016.

Some of Gaw Capital’s biggest transactions have been in China through its Asia Pacific fund series. About 80 percent of Gaw Capital Real Estate Fund IV, which held a $1.025 billion final close in 2013, was deployed in China, with 20 percent going toward i