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Real Estate

Baring Private Equity Asia raises $1 billion for second Asia real estate fund

Baring Private Equity Asia closed its latest real estate equity fund, BPEA Real Estate Fund II, at $1 billion, above the initial target of $750 million, a spokesman said.

The fund invests in pan-Asia-Pacific real estate and is aimed at opportunistic returns. It received strong support from the existing investors in BPEA Real Estate Fund I, according to a news release. The first fund closed at $365 million in 2015.

Investors in the fund include the $30.2 billion Texas County & District Retirement System, Austin, which committed $100 million to the fund, and the $14.4 billion Maine Public Employees Retirement System, Augusta, which agreed to commit up to $50 million.