GLP Pte. Ltd., the Singapore-based global real estate logistics developer and investment manager, on Wednesday announced a final close for its GLP Japan Development Partners IV fund at ¥412 billion ($3.57 billion).
The fund, launched only three months before in October 2021, was two times oversubscribed at more than ¥600 billion, a GLP news release said .
When fully deployed, with leverage, the fund is expected to have assets under management of more than ¥1 trillion.
The news release said the ¥412 billion in commitments came from a diversified group of pension funds, sovereign wealth funds and insurance companies from North America, Asia and the Middle East.
In October, the C$541.5 billion ($425.4 billion) Canada Pension Plan Investment Board, Toronto, announced it had committed ¥110 billion to the fund.
GLP Japan Development Partners IV was the company's second hefty Japan-focused fund to close over the past 18 months, following a ¥300 billion core fund, the GLP Japan Income Fund, in August 2020. With the latest commitments, the company manages over $30 billion in Japan logistics strategies across five private funds and a listed J-REIT.
The news release said GLP has real estate and private equity AUM of more than $120 billion across Brazil, China, Europe, India, Japan, the U.S. and Vietnam.