Singapore property developer Keppel Land has raised a new real estate private equity fund through its property fund management unit Alpha Investment Partners, closing on $1.2 billion from 15 institutional investors.
The new fund, called Alpha Asia Macro Trend Fund, will invest in real estate across Singapore, Japan, Taiwan, South Korea and Hong Kong as well as China, India and Vietnam.
Alpha Investment Partners has more than 45 properties in eight countries in its portfolio. The firm now has five funds with gross assets under management of about $5.2 billion, according to a statement by the firm. The firm said investors in its funds include Dutch pension plans such as Stichting Pensioenfonds ABP, PGGM and MN Services, global banks including UBS and Deutsche Bank as well as sovereign funds.
The firm started raising funds in 2003, and closed its Asia No. 1 Property Fund on $243 million. The fund targeted an internal rate of return of more than 20 per cent, but ended up achieving 27 percent by the end of March 2008, according to reports. Alpha’s second fund, Alpha Core Plus Real Estate Fund, has also exceeded its target by delivering returns of a reported annualized 40 percent as of March.