PAG in $1.9bn final close

By James Buckley - Wednesday, September 13, 2017 10:29

PAG Real Estate has announced the final closing of Secured Capital Real Estate Partners VI (SCREP VI), with US$1.9bn in investor commitments.

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

The fund exceeded its initial target of US$1.5bn, and hit its $1.9bn hard cap thanks to significant interest from its strategic investment partners, including major institutional investors from North America, Europe and Asia. 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. The firm currently manages US$5 billion in real estate assets, and has more than 140 team members in seven offices across the Asia-Pacific region.

Since formally beginning fundraising in Q3 2016, the fund has already closed eight deals with a total investment value of more than US$400m, including outstanding deals in Japan, China and Hong Kong.

“PAG has a well-recognized track record of delivering strong returns across investment cycles, as our previous six funds have shown,” says Jon-Paul Toppino, managing partner of PAG Real Estate and group president of PAG. “We firmly believe that the Japan market will continue to offer strong risk-adjusted returns, and our experienced regional team is well-placed to capitalize on further opportunities throughout Asia.”

jbuckley@costar.co.uk

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