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ALTERNATIVES

Gaw Capital closes Greater China/Asia-Pacific real estate fund at $1.3 billion

Gaw Capital Partners, the Hong Kong real estate private equity manager, has hard closed its fifth Greater China/Asia-Pacific real estate fund, Gateway Real Estate Fund V, at $1.3 billion.

A Gaw news release Wednesday said the firm had also secured a “sidecar co-investment commitment of up to $500 million.”

The news release said the fund will seek out opportunistic investment targets with favorable risk-return profiles in Greater China, with select exposure in Japan, South Korea, Southeast Asia and Australia. The fund will focus on gateway cities such as Beijing, Shanghai and Taipei but also look at secondary cities on the mainland.

The release said of the fund's commitments from institutional investors, 46% come from Asia, 34% from North America and 20% from Europe. Among those investors is the $21.6 billion San Francisco City & County Employees' Retirement System, which committed up to $100 million to the fund about a year ago.