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Laxman Pai, Opalesque Asia:

Asia Pacific-based alternative investment manager PAG said that its unit PAG Real Assets (PAG RA) has raised $1.8 billion in capital commitments for PAG Real Estate Partners Fund III (PREP III).

PREP III, the third fund in PAG Real Assets' series of core-plus/value-added vehicles, is the largest such fund raised in the Asia-Pacific region year-to-date, according to data from Preqin.

The target assets of the fund are primarily in the office sector, as well as select multifamily assets in Japan, said a press release from the investment firm focused on APAC with three core strategies: credit and markets, private equity, and real assets.

Asian investment firm that manages multiple asset classes said that PREP III closed with strong support from 18 institutional investors from North America, Europe, the Middle East, and Asia Pacific, including major sovereign wealth funds, pension funds, and endowments.

"We are very grateful for the support from our investors on the close of PREP III," says Broderick Storie, partner at PAG and co-head of PAG Real Assets.

"While each of our key Asia-Pacific markets is different, current conditions in the region are creating a strong pipeline of opportunities for our local teams. We see this fundraising as a validation of our successful approach to investing in real assets in the region, particularly in the office sector which is our focus," Broderick added.

PREP III aims to generate attractive r......................

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