China’s KaiLong Group has raised $575 million for its second U.S.-dollar denominated Greater China Real Estate Fund II, the firm announced this month.
The value-add fund was targeting $500 million in equity commitments.
Allianz Global Investors, the fund’s anchor investor, committed to the fund along with pension funds, insurance companies, multi-managers and family offices.
Greater China Real Estate Fund II is already 30 percent deployed in its targeted tier 1 cities.
Since 2010, KaiLong has launched five funds valued at ¥3.3 billion ($467 million), according to the firm.
The previous U.S. dollar fund in the series, China Real Estate Fund, closed in May 2015 with $238 million in commitments.
