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Aberdeen raises $435m for Asian fund of funds

Aberdeen Property Investors’ Asia-focused vehicle has $435m in commitments—and the firm hopes to announce a final close on $600m by the second quarter.

Stockholm-based Aberdeen Property Investors held a close of $435 million (€325 million) for AIPP Asia, its new fund of funds vehicle focused on Asian real estate vehicles.

The fund is aiming for an IRR of between 13 percent and 17 percent, which will eventually include an annual yield of 4 percent. The fund will cap commitments at $600 million and hopes to announce a final close in the second quarter.

It held a first close on $91 million last October. The vehicle’s three lead investors are Swedish Folksam, Handelsbanken Liv and Finnish Ilmarinen, according to the firm.

It has so far invested $172 million in four funds. The vehicle will invest in real estate vehicles across Asia, in addition to joint ventures and co-investments.

The fund will be managed by Bo Ljunglöf and Kang Puay Ju. Kang was previously at Dutch pension fund ABP, where she helped establish its Asian real estate platform. Prior to that, she was a vice president at GIC Real Estate, the property arm of the government of Singapore’s investment division. She will be based in Singapore.

Last year, Aberdeen launched the first and largest pooled fund of funds focused on Europe. That vehicle raised €624 million.

Aberdeen Property Investors has more then €9 billion invested on behalf of its institutional clients. Its parent, Aberdeen Asset Management, is quoted on the London Stock Exchange and has more than €100 billion in assets, including €20 billion managed from the firm’s office in Singapore.