Finnish pensions provider Keva is the anchor investor in the latest fund to be launched by Aberdeen Asset Managementβs real estate multi-manager arm.
Aberdeen said it raised US$151m (β¬141m) for a fund focused on Asia-Pacific and that Keva, which has invested in previous multi-manager funds, was the cornerstone investor.
The fund, led by head of property multi-manager Puay-Ju Kang, will invest in unlisted funds, joint ventures, club deals and co-investments.
It is targeting an internal rate of return of at least 12% over a 12-year life, differentiating it from Aberdeenβs other existing multi-manager funds that pursue more conservative core and core-plus strategies.
Aberdeen said it had also raised an additional US$30m in a second close for one of these funds, bringing the fundβs committed capital to US$100m.
Over the past three months, the property multi-manager business has raised US$215m, some of which was for its βsecondariesβ platform, which buys and sells fund stakes and co-investments on the secondary market.
Last month, ΒιΆΉΣ³» Real Estate reported that Aberdeen is planning to launch a new , having already created a .
Aberdeen said secondaries were βappealing to a wide set of investors because pricing is often discountedβ and they avoid the lag between initial investment and payback β the so-called βJ-curveβ effect β of traditional funds.
Puay-Ju Kang said: βWe think this is a favourable time to be investing in property as pricing remains attractive relative to bonds.
βThere are also more ways that investors can invest in this asset class, with the deepening of the secondaries markets and the institutionalisation of sectors once perceived as βalternativeβ, such as student housing, senior housing and self storage.β
