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Laxman Pai, Opalesque Asia: Global investment manager LaSalle Investment Management has raised over US$2.2 billion of equity for the LaSalle Asia Opportunity VI (LAO VI) fund, including sidecars and co-investment programs, exceeding its initial target of US$1.5 billion.
The committed capital, secured from global institutional investors, will provide buying power for over US$7 billion worth of assets, said a press release from the real estate investment management firm.
LAO VI is the sixth in LaSalle's closed-ended, opportunistic fund series focusing on the Asia Pacific. "In keeping with its predecessor funds, LAO VI seeks to take advantage of mispriced assets with opportunities to add value through repositioning and redevelopment in Asia Pacific's key markets including Australia, China, Hong Kong, Japan, Korea, and Singapore, having invested approximately 25% of committed capital so far in a diversified portfolio," claimed the company.
According to the release, to date, the LaSalle Asia Opportunity Fund series has invested over US$13 billion worth of assets. In the last 10 years, the average asset returns generated by the series have exceeded its target of 18% net IRR.
The fund's investment strategy is led by Kunihiko (Nick) Okumura and Claire Tang in their expanded roles as Co-Chief Investment Officers of LaSalle Asia Pacific, which they assumed in 2021 after former Asia Pacific CEO and CIO Mark Gabbay became LaSalle's Global CEO, the company informed.
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