Fundraising - NOVEMBER 8, 2019

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Phoenix Property Investors closes sixth Asian real estate fund, above target

by Kali Persall

Phoenix Property Investors, a private equity real estate investment group, has completed a final close of $1.15 billion for its sixth Asia-focused real estate fund, Phoenix Asia Real Estate Investments VI.

The fund exceeded its $900 million fundraising target with investments from a robust mix of institutional investors, including endowments, foundations, pension plans and sovereign wealth funds spread out across Asia, North America, Europe and the Middle East.

Fund VI has committed to 17 investments, totaling $424 million, said Benjamin Lee, managing partner of Phoenix, in a statement.

Phoenix invests on behalf of sovereign wealth funds, public and corporate pension funds, foundations, university endowments, insurance companies and important family offices, according to the firm. It is active in the opportunistic equity, core/core-plus equity and debt businesses.

Phoenix has $6.8 billion in real estate assets under management.

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