Shanghai-based fund manager KaiLong Real Estate Investment has reached a $500 million closing on KaiLong Greater China Real Estate Fund II, its latest U.S. dollar value-add fund, according to Mingtiandi.
In October 2018, global insurance firm Allianz announced that it was taking a 35 percent share in the fund, representing a commitment of approximately $175 million.
The fund invests in value-added real estate opportunities in core locations of Greater China’s first-tier cities. The fund has started to invest its capital, with three projects in Hong Kong, Shanghai and Guangzhou.
KaiLong held a final close on its first U.S. dollar fund in May 2015. The company has since invested some $270 million, including co-investment capital alongside the fund, in eight deals across Greater China — three each in Hong Kong and Shanghai, and one each in Beijing an
