PAG Real Estate holds $1.9b final close

PAG Real Estate announced the the final closing of its Secured Capital Real Estate Partners VI, with $1.9 billion in investor commitments.

SCREP VI exceeded its initial target of $1.5 billion, and hit its $1.9 billion hard cap. The fund will focus on distressed debt and property investments in Japan as well as opportunistic real estate in China, Korea and other selected markets. Park Hill Real Estate, a long-term partner of PAG, assisted with the oversubscribed fundraise.

SCREP VI is the seventh opportunistic fund to be launched by PAG’s real estate strategy, formerly known as Secured Capital.

Since formally beginning fundraising during the third quarter of 2016, the fund has already closed eight deals with a total investment value of more than $400 million, including outstanding deals in Japan, China and Hong Kong.

Secured Capital Real Estate Partners V closed in 2013 with $1.5 billion in capital commitments, exceeding its $1 billion target. The fund invested in distressed real estate and debt opportunities in Japan and other selected markets.

PAG Real Estate is the real estate investment and asset management arm of PAG, one of Asia’s largest independent alternative investment fund managers.